Say No to Double Taxation

By
Real Estate Agent with Infinity Realty

The Show Me State has something new to share with its citizens. It’s called a real estate transfer tax, and its effects will be felt by property owners for years to come. A real estate transfer tax is a one-time tax paid at the closing of a property. Like a sales tax, a transfer tax would charge every seller a percentage of the total sale price.

With unemployment spiraling out of control, a credit crisis of epic proportions crippling our economy and the number of home foreclosures at an all-time high, the government is looking for ways to generate revenue. And they want to dig into your pockets to do so. The real estate market has already been taxing on Missourians. But the government thinks not nearly taxing enough. Wasteful spending has our state government falling into an unprecedented deficit, and they want the citizens to provide the bailout.

Real estate transfer taxes are nothing more than double taxation, and are often paid by the people who have lived in their home for years and have already paid thousands of dollars in annual property taxes. With banks demanding larger down payments, a transfer tax would make it more costly and much harder to buy a home, especially for first-time home buyers. The government collects a transfer tax any time you transfer ownership of your home, land or other real estate.

Currently, Missouri is one of 13 states that do not impose transfer taxes. However, real estate transfer taxes are happening in other states, including Illinois, Iowa, Kansas and Arkansas. We need to send a clear message that now is not the time to for new taxes that target already struggling property owners.

The Missouri government currently has the power to enact a transfer tax at anytime, but the Missouri Association of Realtors is leading the charge to amend the state constitution and prohibit the real estate transfer tax for good. A 2010 ballot initiative is already in place. A “YES” vote means changing the Missouri constitution to prevent the state or local government from ever charging new taxes on the sale of a home or property. As the real estate market struggles to recover, new taxes are not the answer.

It’s time to keep the American dream alive and say “YES” to no more taxes . Visit www.yestosavehomes.com or call (877) 710-8683(VOTE) for more information. 

Posted by

Lori Day

Infinity Realty

(816) 200-4372 Cellular 

(816) 554-6351 Fax

(816) 554-6368 Office

mail to: Lori@LoriDaySells.com

 

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Comments (4)

Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

Good for you and your assocation  Let us know how this comes out after the vote!

Feb 14, 2010 12:56 AM
Alec Kinnear
Canadian Real Estate Insights - Toronto, ON

With the huge deficits here and there, lower taxes are probably just a dream...

Feb 14, 2010 01:05 AM
Lori Day
Infinity Realty - Lee's Summit, MO

Due to the economy and the market here in Missouri, real estate taxes were actually reduced in the last assessment cycle.  Although it seems like a good thing that property taxes did not automatically increase despite the challenges in our market, it may have actually put us at higher risk for this assessment.

With the local and state governments scrambling to make up their budget shortfalls, "something has to give."  You better believe they will be looking to make up the millions of lost tax revenue somewhere.

As Realtors, our job is to fight for the consumer - doing all we can to make sure that our clients get a fair shake.  Now more than ever we must be vigilant, and fight the powers that be.  We must prevent this double taxation - and all the trickle-down effects that would result.

Remember - this is not just a problem unique to Missouri.  It could happen to you!

Feb 14, 2010 01:50 AM
Richard Glick
Kingsway Realty - Lancaster, PA

Here in PA they are talking of raising the transfer tax!  It is currently at 1% per side, which is bad enough.  

Feb 14, 2010 04:20 AM