I am supporting a critical initiative in Arizona to bring a new measure to the November 2008 ballot, and I am asking for your support as well. The initiative is the No New Home Tax Ballot Measure.

This ballot measure would prevent State and/or local goverment from imposing real estate transfer taxes. Real estate transfer taxes would make property ownership in Arizona out of reach for many people. Arizona's ability to provide affordable housing, create small business ownership opportunities and help seniors and low-income residents keep their homes must be protected.

Real estate transfer taxes create double taxation, weakening the economy by making it harder for owners to sell their property and reducing the equity property owners have worked hard to build.

A real estate transfer tax is a state and/or local tax or fee imposed on real property that is typically assessed according to the sales price of real estate property when transferred. Typically, once the tax is initiated, the rate can be increased by the state, county or city to meet future legislative enactments. Transfer taxes in other states range from .001% to 2.2%.

Problems with a Transfer Tax: 

• Creates Double Taxation. Governments already collect taxes on your property based on the property's value. This new tax would unfairly impose a second tax to impact your home or property.
• Damages Equity. Since the tax is assessed against the total value including the amount you owe on your mortgage(s), the overall equity earned by the seller is decreased.
• Burdens the Real Estate Market Further. In an already burdened housing market where people are struggling to sell their homes, the overall higher costs will only make it more difficult to initiate a successful sale, not to mention making it less attractive for commercial real estate to recruit business to the area.
• Punishes Home Owners. People who move from one house to another should not be punished while others choose not to move; in fact, this is considered discriminatory and harms access to the "American Dream" of home ownership.
• Impacts Lower Incomes Most. A real estate transfer tax would impose a higher tax burden on lower income households that typically spend a larger percentage of their income on their home.

Don't let the government strip you of your hard earned home equity. Support the No New Home Tax Initiative and prohibit the the double taxation of real estate in the State of Arizona.

Visit www.nonewtaxonourhomes.com for more information.