On November 6 voters in Chatham County will be going to the poles to vote on whether a new propety transfer tax will become law in the county. This is a tax that will be levied on the sellers of property at a rate of .4% of the sale price. The revenue will go to tje county.
Sellers already pay a tax of .2% of the sale price of the property which goes to the state. It doesnt sound like much but for every $100,000 of the price of the sale the seller will go from paying $200 to $600. In other words if you sell a property for $250 your tax at closing will go from $500 to $1500. For a $350,000 property it goes from $700 to $2100. OUCH!
To add insult to injury, the seller will most likely NOT even receive any benefit from this tax because they are moving moving away!
There is no doubt tha Chatham County needs the revenue but there are other ways to more fairly spread the burden.
This is a election that will definitely affect your wallet so please VOTE!