Monday, February 08, 2010
Real Estate Transfer Tax - Double Taxation
A real estate transfer tax is a tax paid at the closing of a property. It would be a percentage of the total sales price charged and paid by every seller, buyer or both at closing.
Real estate transfer taxes are nothing more than double taxation. They are often paid by the people who have lived in their home for years and have already paid thousands of dollars in annual property taxes.
While transfer taxes aren’t currently imposed in this state, the Missouri Constitution allows state and local government to impose transfer taxes at any time. With burgeoning government deficits caused by wasteful spending, politicians are looking for new revenue sources. Real estate transfer taxes are happening in other states, including Illinois, Iowa, Kansas and Arkansas.