Signatures are being collected to end the possibility of a real estate transfer tax. What is a transfer tax you ask? In some states across our fair nation legislation passed authorizing the state to change a special tax whenever a home is sold. The State of Washington charges 1.28%, Maryland .5%, Illinois up to .75% and so on.
Our Arizona legislature keeps proposing legislation that would authorize a sales tax on homes and, so far, it has been voted down. The "No New Home Tax" people would to end this possibility by putting it to a vote of the people. If the registered voters of Arizona vote to end this debate, the State would not be able to tax home sales in the future.
We are strongly in favor of ending the possibility of a home tax in Arizona for many reasons. We already pay property taxes and a sales tax would be double taxation. It would raise the costs of buying a home. It further reduces equity when we sell our home. (The average homeowner in New York can pay over $20,000 in transfer taxes.) It would hurt our economy by increasing housing costs and make it even more difficult for the first time home buyer to live the dream of ownership.
If this is an important issue to you, your family, your friends or your dog Fred, please take time to sign the petitions being offered around town.
Have a great weekend...
Gene Urban & Ron Urban
The Urban Team
