Vote YES on Arizona’s Propostion 100
September 30th, 2008 categories: Real Estate News
Proposition 100 is a Real Estate transfer tax bill that will be on the ballot this November 4th. Arizona currently does not have a Real Estate transfer tax, and there is nothing that prevents a tax from being enacted at any time. With our current slow economy and budget crisis, counties, as well as the State of Arizona are looking for new sources of revenue. Enacting a Real Estate transfer tax has gained momentum in Arizona. Last year a bill was introduced in the state legislature proposing such a tax. This transfer tax has been proposed due to the government’s bloated budged caused by over spending. Once this type of tax is put in place it always ends up being raised.
PROP 100 IS DOUBLE TAXATION! Local government already collect property taxes based on your property’s value. Prop 100 would create a double taxation on your property.
LESS EQUITY! The rate of Arizona’s transfer tax would begin at 1.97%. This amount is assessed against the total value of your home, including the amount you owe on your mortgage. If your home were to sell for $500,000, you would pay an additional $9,850.00 in taxes at close of escrow. In today’s market, home owners need every penny they can get! PROP 100 PUNISHES HOMEOWNERS! A home is often the biggest and most important asset a person has. A transfer tax will greatly reduce equity, and make an already slow housing market even more difficult for home sellers. Protect your equity and your home on November 4th by voting YES on Prop 100
If you would like more information, click here Prop 100
