Thursday, November 04, 2010

Real Estate Tax Ban

Missouri voters have approved a constitutional amendment that bans a real estate tax.
The measure approved Tuesday prohibits the real estate transfer tax that is levied when homes, land and other property is sold. The transfer tax is charged like sales taxes based on the price of the property.
Missouri currently does not levy the tax, but other states do.
Critics of the transfer tax contend people already pay property tax on their homes and land. The state ballot measure was backed by the Missouri Association of Realtors.

Amendment 3 alters the state Constitution “to prevent the state, counties, and other political subdivisions from imposing any new tax, including a sales tax, on the sale or transfer of homes or any other real estate.”

The amendment, backed by the real estate industry, made it to the ballot by a statewide petition. Backers of the amendment say 37 states have such a tax, which, on top of regular property taxes, they argue amounts to double taxation.

“And we want to make sure Missouri properties remain affordable,” Elizebeth Mendenhall, president of the Missouri Association of Realtors, said before the election.
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