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Prevent Double-Taxation on Arizona Real Estate - Vote in November
Currently, there are no sales or transfer taxes on real estate in Arizona.
However, in theory, the government could enact such a transfer tax at any time.
There is an initiative, led by the Arizona Association of Realtors, to place a protective vote on the November 2008 election ballot.
According to Tom Farley, CEO of the AAR, "we are on course to make the required 230,000 registered voter signatures to place a statewide real estate transfer tax ban on the November ballot."
Voting Yes in November would pre-empt a future move by the government to charge real estate sales and transfer taxes on your real estate, homes and properties.
The initiative would provide protection from:
Double Taxation - you already pay property taxes Loss of Equity - sales tax would be on total value, thus less net equity upon sales Increases in the cost of Selling your home - higher sales costs, thus higher price you need to sell your home higher proportionate impact on lower-income homes - taxes in any form most impact lower income families that use a higher percentage of their income on spending Punish Home owners - home owners should not be punished for moving which helps ... more

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