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