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My city is considering a property transfer tax
Old 04-19-2007, 07:51 PM   #1
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My city is considering a property transfer tax

The city I live in is currently considering the prospect of a 1% property transfer tax on the sale of residences. Does any other city have this? I think this is ludicrous.
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Re: My city is considering a property transfer tax
Old 04-19-2007, 08:41 PM   #2
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Re: My city is considering a property transfer tax

It is. Will it be voted on, and if so do you think voters will approve?

This is the first I have ever heard of such a tax.

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Re: My city is considering a property transfer tax
Old 04-19-2007, 08:41 PM   #3
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Re: My city is considering a property transfer tax

1% is not so bad...in the Bahamas its 10%!
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Re: My city is considering a property transfer tax
Old 04-19-2007, 08:50 PM   #4
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Re: My city is considering a property transfer tax

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Re: My city is considering a property transfer tax
Old 04-19-2007, 09:43 PM   #5
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Re: My city is considering a property transfer tax

Quote:
Originally Posted by Want2retire
It is. Will it be voted on, and if so do you think voters will approve?

This is the first I have ever heard of such a tax.

It will be voted in by city council as the provincial gov't has already given the go ahead for it
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Re: My city is considering a property transfer tax
Old 04-19-2007, 09:55 PM   #6
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Re: My city is considering a property transfer tax

In CT we have a local (City, town) tax and a State transfer tax on all real estate sales.
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Re: My city is considering a property transfer tax
Old 04-20-2007, 12:14 AM   #7
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Re: My city is considering a property transfer tax

NYC along with NY state has these as well
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Re: My city is considering a property transfer tax
Old 04-20-2007, 03:17 AM   #8
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Re: My city is considering a property transfer tax

Just what we all need... more taxes. :P
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Re: My city is considering a property transfer tax
Old 04-20-2007, 03:47 AM   #9
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Re: My city is considering a property transfer tax

PA, Lehigh County (believe it is the county) has 1% on both sides of the transaction.

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Re: My city is considering a property transfer tax
Old 04-20-2007, 06:29 AM   #10
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Re: My city is considering a property transfer tax

Franklin County Ohio charges the seller $2 per $1,000 of selling price to transfer real estate, including residential.
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Re: My city is considering a property transfer tax
Old 04-20-2007, 06:45 AM   #11
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Re: My city is considering a property transfer tax

In addition to the 1% on both sides that the State of Pennsylvania imposes, I think the City of Philadelphia imposes an ADDITIONAL 2% on property transfers.

Actually from some vantage points, just 1% sounds pretty good!
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Re: My city is considering a property transfer tax
Old 04-20-2007, 07:04 PM   #12
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Re: My city is considering a property transfer tax

In Boston it's 2% (I believe ... been a few years) ... call it a "tax stamp". Other MA cities are 1%.
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