One of the things that every Buyer considers when purchasing a home is real estate taxes. After all, that can add a sizable amount to your monthly payment, between $100 and $300 per month for most Tucson homes. Real estate taxes are assessed annually and paid in two installments, one in April and the other in October. However, if Arizona follows the example of many other states with transfer taxes, homeowners in Arizona may soon be experiencing what amounts to double taxation.
What is Proposition 100 About?
Proposition 100 addresses the possibility of an additional transfer tax being assessed anytime a property is transferred, whether it be by sale or simply transferring the property from one party to another, such as one family member deeding the property to another family member with no money exchanging hands. The effect of Proposition 100, if it passes, will be to amend the Arizona Constitution to state that no new real property sale or transfer taxes can be created or imposed.
Read More about Proposition 100 and Arizona's Possible new Transfer Tax