A real estate transfer tax is a government-imposed sales tax that is collected when you transfer ownership of real estate. Yes, you already pay property taxes based on property value, but a transfer tax is a second tax also based on property value. This sales tax takes away from your bottom line when you sell, effectively reducing your equity. Just what you need in today’s market, right?
The good news? Unlike 36 other states across the country, Arizona does not currently have a transfer tax. The Protect Our Homes Innitiave is seeking to keep it that way. From their website:
The Protect Our Homes Initiative will constitutionally protect your home from a real estate transfer tax.
The Protect Our Homes Coalition believes a real estate transfer tax is a form of double taxation on your home and unfairly adds extra costs and bureaucratic red tape to the process of buying and selling a home.
This hurts everyone from first-time homebuyers, businesses, to families. In an already slow market, a real estate transfer tax will hurt everyone.
A home is usually the biggest and most important asset a person has. Making the process of buying and selling a home harder through unnecessary taxes is bad public policy!
To learn more about protecting your Arizona home from a real estate transfer tax visit the Protect Our Homes website.
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