Raleigh Residential Real Estate – Coming on the November 6th, 2007 ballot, Johnson and Chatham counties will vote on a transfer tax, also known as the Home Tax.
Raleigh Residential Real Estate – Coming on the November 6th, 2007 ballot, Johnson and Chatham counties will vote on a transfer tax – also known as the Home Tax.
The General Assembly gave the counties the right to ask voters to add a home tax as a part of the budget approval process this year. Wake and Durham counties do not have this issue on the ballot, but a total of sixteen counties will ask for either a 1/4 percent sales tax increase or an additional .4% tax on real property sales.
So what is this transfer tax? It is tax you will pay anytime you sell your home, your land or your business. This tax is in addition to the yearly property taxes. It is paid by the seller every time a home is sold.
In my opinion, this is not a good proposal. It makes housing less affordable and it hurts our state’s homeowners by arbitrarily singling them out to pay for more than their share.
In addition, county commissioners can spend the tax revenues on whatever they want – there are no strings attached.
The Poling Team recommends Johnson and Chatham county voters vote NO on the November 6 ballot.
There are 1 Comments to "Raleigh Residential Real Estate – Coming on the November 6th, 2007 ballot, Johnson and Chatham counties will vote on a transfer tax, also known as the Home Tax."
[...] While I would not claim the Johnson and Chatham county voters saw my recommendation in my November 1st blog, they did defeat the proposals by margins of more than two to one in Chatham County and Johnson County voters rejected the measure by more than a 5 to one margin. [...]