My city is considering a property transfer tax

[accountingsucks]

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.

 

[W2R]

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.

 

[farmerEd]

1% is not so bad...in the Bahamas its 10%!

 

[OAG]

: : :

 

[accountingsucks]

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

 

[Bikerdude]

In CT we have a local (City, town) tax and a State transfer tax on all real estate sales.

 

[al_bundy]

NYC along with NY state has these as well

 

[chinaco]

Just what we all need... more taxes.

 

[obryanjf]

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

job

 

[burch64]

Franklin County Ohio charges the seller $2 per $1,000 of selling price to transfer real estate, including residential.

 

[ScaredtoQuit]

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!

 

[tryan]

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