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2% Real Estate Transfer TAX Going Statewide in New York?

April 14th, 2007 category: People and Places, Real Estate News, Real Estate Philosophy

The New York State Association of Realtors (NYSAR ) Government Affairs update from April 13, 2007 reported the following:

“Real estate-related legislation introduced – While Legislators are observing the Easter/Passover holidays, bills are still being introduced in the capitol, including the following real estate-related measures:

Community Preservation Legislation – ‘Community preservation’ legislation approved by the New York State Assembly in 2006 was reintroduced in that house this week.

The bill would allow cities and towns to impose a real estate transfer tax of up to 2 percent on the transfer of residential and commercial property without approval from the New York State Legislature.

The proceeds of the tax would be dedicated to a fund that would be used to ‘preserve community character.’

Approval of the tax would be subject to a mandatory referendum in any city or town wishing to impose the transfer tax.”

Click here to view a copy of this legislation.

This is what John Klassen at Countrywide Home Loans had to say right here.

And keep in mind that towns that put the tax to a referendum vote and it pass it will only be creating more power for politicians and local governments to play with. Doesn’t sound too keen to me.

By the way, isn’t “Community Character” subjective?

The Citizens Campaign for the Environment weighs in on the subject also here.