Wonderful post on keeping consumers informed !!

Wow, this is really going to affect the pocketbooks of the sellers who are in a "close to zero" equity situation and everyone else for that matter. 

Brian, Brian, Brian.  You know that the home owner never looks at the net proceeds of a sale until they see the money.  It's price, price, price and what the home down the block sold for.

This is terrific information for home owners.  Unfortunately, it's also a bit of an "inside story".

You think these taxes are high??  You should see what buyers and sellers have to pay in Montgomery County in MD.   Eeeeek.

Wow - and to think it was only a few years a go a few patriots staged a revolt and threw tea into the Boston harbor over far less.

Brian, I wondered when Virginia was going to figure that out!   How about a tax for buyers?  I should be following this stuff more closely!  Yikes!

Brian, What is VA trying to do? Rival Taxachusetts? Good, timely information.

Bill Roberts

Another good reason to buy a home in Maryland!  Whoops, I almost forgot... Maryland sales tax just went up 20% to 6%, many services will now be taxed, and...   I guess there's no getting away from it.  Maybe retire to Texas where there is no state income tax - although it would probably be imposed within months of my move there. 

Brian-There is so much to think about in this market right now.  We have so much positive to get across to our buyers and sellers and very realistic information such as taxes.  Both buyers and sellers need to be aware of how that is going to affect them.   

Excellent post about taxes.  I just had a client Thursday ask me about the tax differences between VA and DC.  It does make a difference which side of the river you are on!

It absolutely amazes me.  People have enough trouble selling their homes as it is and then the government steps in and takes more equity.  We need new leaders.

Hi Brian,
I wonder if my brother in Great Falls has heard about this.  I am sending him a link to this post.  He had his home on the market in the summer but took it off.  Lots of lookers, no offers. 
Just what homeowners need, more taxes! 

MELISSA:  Thanks for your comments.  Taxes are just one of those other issues that consumers need to know about in this tricky world of real estate sales.

KRIS:  Yes, this tax increase will certainly have an impact on all Northern Virginia homesellers.

LENN:  Thanks for your comments.  And you are right, that most sellers do not pay attention to these facts.  That's why I complete a Seller's Net Sheet with every listing and a Buyer's Estimated Settlement Costs with every buyer so they know what all their costs are upfront.  Montgomery County, MD taxes are much higher than those in Northern Virginia.  Another reason to purchase on this side of the river!

CHRIS:  Thanks.  Very funny!

PATRICIA:  Thanks for your comment.  I'll send you an e-mail with more details.

BILL:  Thanks for the comments.  I grew up in Taxachusetts during the Dukakis years, so I'm quite familiar with the reference.  This tax increase in Northern Virginia aims to pay for the Virginia Transportation legislation.  We do need the money for transportation issues, but this tax increase may not have been the optimal way to pay for it, since it hurts all sellers, and only applies right now to Northern Virginia and not the whole state.

MARGARET:  Yes, death and taxes.  You can't really avoid either.  Unless you set up a nice offshore account...

JULIE: Thanks for your comments.  The taxes part of the equation is just one more piece of the puzzle that buyers and sellers need to be educated about in our real estate market.

JAMES:  Thanks for commenting.  Yes, it all comes down to Location, Location, Location, (and taxes!)

DANIEL:  Do you want to be the leader of a tax increase inspired revolt?

CYNTHIA:  Thanks for your comments.  I hope your brother finds the information useful.

Brian - its been said that there are only two things in life that are certain death and taxes, the uncertainty is, will we run out of money to pay the taxes before we die

KATHY:  Thanks for your comment.  Unfortunately, not only is it a bit funny, but it is actually true.

Brian,

Great post as this is good information on why sellers should unload their homes now. That is a whopping increase going from 500 to 2500! Are the taxes assessed annually in VA? What is the current tax basis? Getting out looks like the best bet for these homeowners.

Dave

DAVE:  Thanks for your comment.  It surely is a big increase.  This particular tax is only assessed when the owner sells the property and is paid at closing.  We also have annual property taxes which vary by jurisdiction and our based on the county tax assessment.

I have been trying to get my sellers to sell NOW...they didn't listen.  I guess their waiting to drop the price is going to cost them even more now...told you so!

Wow! - What an increase!!  Great advice to move it now!

CHELLE:  Thanks for your comments.  Unfortunately clients don't always listen to us!

DALE:  Yes, it is quite an increase.  Thanks for your comment.