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ARIZONA REAL ESTATE TRANSFER TAX,
 
ARIZONA REAL ESTATE TRANSFER TAX (RETT)  -  ONE MORE BURDEN ON TAX PAYERS  
 

A few months ago, members of the Arizona Association of REALTORS® (AAR) received an informational mailing titled Support the No New Home Tax Ballot Measure.     Did you read it? 
Since this has come up in the past, AAR wants to stop the RETT, for good this time, by adding it to the November 2008 ballot.
For those who are not familiar with this type of taxation, following is some information from the AAR flyer. 
Just what is a Real Estate Transfer Tax?   A state and/or local tax or fee imposed on real property that typically, is assessed according to the sales price of real estate property, when transferred.  Other states transfer taxes range from .001% to 2.2% and once initiated, the rate can increase to meet future legislative enactments. 
 
Problems listed include:
Creates Double Taxation - Governments already collect taxes on your property based on its value.  A RETT would be an additional tax impacting your home or property.  
Damages Equity - The overall equity earned by the seller is reduced by a tax on the total value, including the amount you ... more

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