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.