What it is:
The Union County Real Property Transfer Tax is a Tax that the seller will pay everytime they sell real property including a homes, land, or businesses. This tax will be paid at every transaction by the seller, and is seperate from and in addition to annual property taxes you already pay. This tax will be paid by everyone, senior citizens who downsize, farmers selling land to their children, civic and non-profit organizations, and even military families who are reassigned to other stations.
Who it hurts:
If the tax is passed by voters on November 6th, the county could levy this tax permanently. This is not a tax on growth, nor is it a tax on newcomers coming to the area and buying property. This tax is paid by the seller - people who have lived here for years and paid property taxes, sales taxes and other fees and taxes. The home tax will make housing less affordable, since sellers will most likely raise asking prices to compensate for their extra expense passing it on to the buyers. Young families already are struggling to afford a home. This new tax means many people will no longer be able to experience the dream of homeownership. It will hurt both buyers and sellers.
No Promises from the County Commission:
The transfer tax is an unreliable source of revenue-one subject to the ups and downs of the real estate market. Furthermore, our county commissioners can't guarantee that your property taxes will not continue to rise-even with a new home tax.
What You Can Do:
Your vote will make a difference in this election and to the real estate industry. Please vote against the transfer tax. You can vote early at the Monroe Library or on Election Day at your designated precinct. Also, spread the word to your family, friends, clients, neighbors and colleagues that it is important to vote against transfer taxes. If you have questions regarding this election, contact the Union County Board of Elections at http://www.co.union.nc.us/Government/Elections/tabid/171/Default.aspx or 704-283-3809.
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