State of Wisconsin proposal to RIP OFF property owners

By
Real Estate Broker/Owner with Success Realtors brokered by eXp Realty WI 55262-090

This morning I will be voicing my concerns to the state legislature's JOINT COMMITTEE ON FINANCE. The subject? The proposed fleecing of wisconsin homeowners by DOUBLING the transfer tax from $3.00 per thousand to $6.00 per thousand.

Lets look at the merits of this request...

#1 The state has in recent years COMPLETELY AUTOMATED the process for transferring property from one owner to another LOWERING the cost to process transfers (the supposed reason for the fee in the first place) If anything, we should be looking at LOWERING the transfer tax accordingly.

#2 The appreciation rate of properties is at about 2-3 times the rate of inflation. The means there is already a built in increase for the total revenue collected, considering the tax is based on purchase price.

#3 This proposal would especially hurt home owners who are selling their first home so that they can upgrade to a larger one. This additional tax could mean hundreds of dollars out of their equity needed to buy their next home

#4 The real estate market nationally and in Wisconsin is already stalled. Increasing fees on transferring real estate just further discourages real estate sales over all.

Contact your State Representative and State Senator, and let them know you OPPOSE this. You can find your state representative at http://www.legis.state.wi.us/leginfo/contact/legislatorslist.aspx?house=assembly and your state senator at this address: http://www.legis.state.wi.us/leginfo/contact/legislatorslist.aspx?house=senate

Anyone writing to oppose this legislation has my permission to use any material in my post. Feel free to copy and paste my four bullet points, and use them as they are, or edit them into your own words. We need Realtors and homeowners to write in. Also, pass this post along to any Wisconsin homeowners. 

For more information, please email me. Let me know your thoughts

Ralph D. Nudi

Weichert, Realtors - Unum Properties  http://www.ralphnudi.com/ http://www.4salewi.com/

Posted by

Ralph D. Nudi

CEO

Success Realtors

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
Wisconsin
Tags:
wisconsin real estate
wisconsin real estate taxes
wisconsin transfer fee
wi realtor
wi real estate laws

Spam prevention
Show All Comments
Anonymous
John Rogowski
As an investor and property owner in Kenosha, I am angry that the state would propose this. Keep fighting for us Ralph!
Mar 20, 2007 02:26 AM #1
Anonymous
Karmen Johnson

 

With the nearly constant raising of home prices, the transfer tax amount that goes to the state of Wisconsin obviously keeps raising accordingly.  It does not make any sense that the transfer tax should double! And the net proceeds for all WI sellers to decrease.

 

Mar 20, 2007 03:58 AM #2
Anonymous
Jolene Wall

 

 

I am directly opposed to this increase.  The entire purpose of getting in a home is to build equity and save money for the future.  The cost of housing has more than doubled in Wisconsin just over the last 15 years that I have been looking and finally was able to purchase a home.  Adding penalty to homeowners after the fact is a double slap in the wallet.  Wisconsin homeowners are among the hardest working group of people, trying to save what we worked for.  Help us do that by allowing us to keep the equity in its entirety.

Mar 20, 2007 06:20 AM #3
Rainer
58,430
Ralph Nudi
Success Realtors brokered by eXp Realty - Kenosha, WI
"YOUR success IS our success"
thank you John, Joleen, and Karmen for your comments. Please spread the word on this. As I type this response (from my Treo) I am waiting to speak at the committee. I have been here since 10am, and will stay as long as it takes to stand up for you.
Mar 20, 2007 06:53 AM #4
Rainer
132,659
Randal Keberlein
Weichert Realtors, Precision - Kenosha, WI

Ralph:

I think you know how I feel about the level of Taxation Wisconsinites have to endure.  I hope the effort you have put forth helps!

Mar 21, 2007 12:18 AM #5
Anonymous
Steven Simonovich
Raising the transfer tax is bad enough but doubling it is just insane! Why raise it? What will the extra money be for? Did we or are we going to vote on this? By who's authority is this transfer tax going to be raised by? I have A lot of Damn Questions! I don't know what is worse, the death tax or this!
Mar 21, 2007 11:20 AM #6
Rainer
42,172
Darren Kittleson
Keller Williams Realty - Madison, WI
CRB, SRS, RENE-Madison WI

Great post!  We need to be vigilant in our message about how the Governor seems to believe property owners are his own private bank to balance ridiculous budgets!  I'm still surprised more haven't shown outrage at this proposal.  I'm hopeful the Assembly Speaker Huebsch's statement yesterday about not allowing any new taxes includes raising this one.

Keep up the fight!

Mar 22, 2007 12:34 AM #7
Rainer
3,676
Dan Burgeson
United Realtors, LLC - West Bend, WI

I am not in favor of  this tax increase, but will express my feelings on the other end.  Our debt is huge and money needs to come from somewhere.  It will effect people that are selling, but everyone needs to be reminded that you buy and sell in the same market.  You may be getting taxed on your homes sale, but so is the the person you are buying from.  This is one way to soften Wisconsin's debt without HUGE repercussion.  This really does effect 100% financed buyers that have no equity and are going to be in a financial bind.  We all know that 0 down buyers are leaving little room to work with if they are barely making there payments as it.  It comes to the smart investor or the impulse buyer.

 

 Dan Burgeson - Coldwell Banker Residential Brokerage

West Bend Wisconsin Real Estate l Hartford WI Real Estate l Mequon Real Estate 

Mar 23, 2007 07:02 AM #8
Anonymous
Ron Smith

DAN - Perhaps we need to focus on SPENDING LESS instead of raising taxes. I was at the committee meeting at UWM and it seems everybody was there testifying about how they needed taxpayer money to continue for their pet projects and causes. Every drug rehab, shelter, community center, wildlife organization, you name it. They should be looking to fund their organizations through fund raising and private donations. These are all worthy causes, but at some point you have to say no to giving money to everybody.

Apr 12, 2007 04:34 AM #9
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
58,430

Ralph Nudi

"YOUR success IS our success"
Ask Me a Question
*
*
*
*

Additional Information