Thursday, September 30, 2010

Sales Tax Issue for Selling Your Home is Confusing

A vote is coming this fall on whether the state of Missouri should be allowed to tax you for selling your home. The rather confusing ballot issue would require you to vote yes to say no to such taxes.

Realtors are pushing the measure, Amendment 3, which would ban the state from instituting transfer taxes on property sales. They argue you're already paying property taxes, so such a transfer tax is a sort of double jeopardy, taxing you twice for the same thing.

While Missouri has no transfer tax right now, it's in the minority nationwide. Ours is one of only thirteen remaining where a tax, somewhere between 1 and 4 percent, is imposed on the sale of every home. All of Missouri's neighbors, Illinois, Arkansas, Kansas, and Iowa, have transfer taxes.

Flyers and mailers are already going out, and the campaign blitz is expected to grow.

But there will likely be confusion. Voters have to vote yes on the amendment, to say no to the possibility of transfer taxes.

5 comments:

  1. Anonymous5:04 PM

    It's going to reach a point where people stop buying houses and switch to renting. Seven percent for the agent, one to four percent to the state, $80 to St. Louis County for an occupency inspection and the cost of repairing whatever they may right up. You have to keep your house quite a while in a good market to make up for all that.

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  2. Anonymous5:11 PM

    So much for our new and transparent government and all the talk about no new taxes for the middle class.
    Just who do they think gets hurt by this the most?
    Can't trust anyone anymore.

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  3. Anonymous6:40 PM

    At least you get to vote on this issue. Email everyone you know in St. Louis county & let them know about this. But be sure to tell them to vote YES.

    A vote YES means no to the tax!

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  4. Great thoughts you got there, believe I may possibly try just some of it throughout my daily life.
    phones sale

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  5. Anonymous7:33 AM

    This is a backhanded way of banning the Fair Tax. Unfortunately, it is going to pass overwhelmingly, but once it is in place, it will permanently bar the Fair Tax in Missouri.

    ReplyDelete