This November there's going to be a Citizens Initiative on the ballot that will directly affect your pocketbook. This initiative is Article 9, Section 24 - and will prohibit new taxes on the transfer or sale of your home, land, or business. Typically, once these Transfer Taxes are initiated, the rate can be increased by the state, county or city at will. This act that we're all voting on will once and for all eliminate the idea that such a tax can be enacted.
This transfer tax that the measure opposes will be anywhere from 1% to 4% of your home's value... so if you're selling your $500k home, then you'll pay anywhere from 5k up to 20k in additional government taxes upon the sale. If youre against this "Double Taxation" then vote YES this November to protect your home's equity. This constitutional amendment will make it almost impossible for the government to reach into your home's value... if you vote YES on Article 9, Section 24 in November 2008!!!
I'll write more on this when we get closer to election day....
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