You can help block future real estate taxes…

April 18, 2008 at 4:24 am Leave a comment

Arizona is one of 14 states that does not impose a “Transfer Tax” on a Real Estate transaction — and given the current status of the economy, it certainly would be wise to keep it that way.
Yet, the state legislature has previously floated proposals to establish such a tax in Arizona. The negative effect on a real estate market already taxed (pardon the pun) by a weak economy would probably limit the amount the state could raise if such a tax was added anyway, so it’s definitely not a good idea.
A good overview of what a Transfer Tax would mean for both buyers and sellers is provided in this ABC-15 news story (click the “play” button on the right side of the page to view the video version of the story).
The Arizona Association of Realtors currently has a petition drive going to collect enough signatures to place a constitutional amendment that would bar the creation of a Transfer Tax on the November 4, 2008, ballot.

AAR’s proposed “No New Tax On Our Homes ballot initiative would prohibit the double taxation of any real estate sale in Arizona by banning any real estate Transfer Tax. (Other states with Real Estate Transfer Taxes have never repealed them.)
In order to help get this measure on Arizona’s November ballot and let the government know that we do not want double taxation on our homes (obviously, we already pay property taxes each year), petitions are being circulated now.
For more information, or to add your signature to the petition, please contact me or visit http://www.nonewtaxonourhomes.com/home and click the Help Pass Our Petition link.

Entry filed under: Arizona Real Estate, Chandler Real Estate, Phoenix Real Estate. Tags: , , , .

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