Friday, June 1, 2007

Stop the NC Home Tax

The NC Association of Realtors issued a statewide Call for Action this past week for members to tell state lawmakers that a proposed transfer tax – also called a home tax – is a bad idea. There has been a coalition formed to push for transfer taxes and the increase in the state deed stamp tax. The coalition includes the League of Municipalities, the NC Association of County Commissioners, Carolina Asphalt Contractors Association, Land for Tomorrow, Carolinas Associated General Contractors, the NC Housing Coalition, the NC Rural Development Center and the NC School Boards Association. Dare and Currituck Counties are two of the six North Carolina counties that already have a land transfer tax. Many of the other 96 NC counties would like to implement a land transfer tax to fund capital expenditure projects such as schools. Proponents of land transfer tax say that it helps keep property taxes low; opponents argue that the tax is discriminatory and increases the cost of home ownership and impacts new homeowners, working families and senior citizens the most. They also argue that land transfer tax is nothing more than deferred property tax and an unstable revenue source. If you do not want to see an increase in local land transfer tax, get involved by contacting Representatives Bill Owens and Tim Spear and Senator Marc Basnight by visiting the link http://www.itsabadidea.org

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