Vote “YES” to say “NO” to real estate transfer taxes
Arizonans may not know about real estate transfer taxes because we don’t have one. But I’ll tell you, they are a big concern of my real estate clients who come from states with real estate transfer taxes. The size of the tax can be huge!
And it could, indeed, happen to Arizona. Some state officials have mentioned in recent years their desire to institute a tax on the transfer of real estate.
Even if you just wanted to put your family home into a family trust, you would have to pay the large tax!
A real estate transfer tax would hurt both home buyers and home sellers.
- Want to buy your first home? You’ll pay more.
- Just had a kid and want to buy a larger home? You’ll make less and pay more.
- Your kids have all moved out and you want to downsize? You’ll make less and pay more.
Vote “Yes” on Proposition 100 to guarantee that politicians can’t institute a real estate transfer tax in Arizona without putting it back to the voters to decide.
Real Estate Transfer Tax FAQ’s
A Real Estate Transfer Tax in Arizona?
{ 1 comment… read it below or add one }
Russ 10.21.08 at 10:19 am
I voted no on 100. I see no reason to pre-emptively exempt one type of asset from taxation. Is the income tax subsidy on house debt insufficient special treatment? We are approaching a 9% sales tax in most Valley cities (state, county, city combined). El Mirage would have hit 10.3% if that proposed 1% statewide levy for transportation had gone through.
9%, 10%, 11% plus income taxes plus car taxes, etc. But a $100 transfer fee (for example) on the sale of a $200K asset is something to go out of one’s way to prevent.
Government spending in Arizona should (and will) be reduced, but no industry deserves special favorable tax treatment.