What is it with politicians? How many times do we have to tell them NO?
In Massachusetts, the State Legislature is, once again, attempting to place another surcharge on Real Estate sales. Massachusetts already has a sales tax on real estate sales. It's called tax stamps.
Currently, MA sellers must pay $4.56 per $1000 of the sales price. The median sales price in Massachusetts is $556,000 which equals a tax of $2535.36. Realtors and MA citizens have instructed the Legislature, time and time again, this would be a bad thing for the marketplace.
Well, they're up to it again! The MA Legislature is now considering allowing local municipalities to charge either a .05% surcharge on all sales or a 2% surcharge on that portion of the sale over the median sale price.
If you are a Massachusetts Real Estate practitioner contact your State Legislator and tell them NO!
If you ever plan on selling a home in Massachusetts, call your State Legislator and tell them NO to a real estate sales surcharge.
According to the MA Association of Realtors® MAR reasons why this surcharge would be a bad thing.
- Disrupt the housing market and cause a significant reduction in your sales volume.
- Increase housing prices.
- Push many Massachusetts residents even farther from the dream of homeownership.
- Unfairly target the 2.5% of all Massachusetts residents that buy or sell their home each year.