Saturday, November 06, 2004

Deed Transfer Tax -- going up 33%

The Deed Transfer Tax is going up from 1.5 percent to 2 percent of the total sale of the house. That's an increase of 33%. Please don't fall into the trap of thinking that this half-of-a-percent is no small matter. For example, a house for $100,000 used to be hit with a $1,500 tax burden as it is purchased. Now it is going to be saddled with a $2,000 payment to the city.

Out of all the taxes, the deed transfer tax should be eliminated. That is the first I'd remove as mayor.

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