Learn More About The Issues & CI-105
Learn More About Real Estate Transfer Taxes and Why They’re a Double Tax on Property
What is a Real Estate Transfer Tax?
A Real Estate Transfer Tax (RETT) would impose a second tax on property in Montana (including residential homes, family farms & ranches, and businesses) any time it changes ownership (including sales, inheritances, and like-kind exchanges. It’s a new sales tax on property—even though we already pay property taxes.
Why are we opposed to a Real Estate Transfer Tax?
- Double Taxation. As a resident of Montana, you already pay taxes on your property based on a portion of your property's assessed value. This new tax would impose a second tax on your home or property.
- Loss of Equity. Since a transfer tax would be assessed against the value of your property including the amount you owe on your mortgage(s), the overall equity earned by the seller would decrease.
- Damage to the Real Estate Market. Montana’s housing market is in crisis. The overall higher costs of a transfer tax would only make it even more difficult to buy or sell a home.
- Slows our Economy. RETTs slow our economy by reducing home sales and the availability of affordable housing.
- Punishes Homeowners. People who move from one house to another should not be punished while others choose not to move. In fact, this is considered discriminatory and harms access to the "American Dream" of home ownership.
- An Unfair Impact on Lower-Income Montana Residents. A real estate transfer tax would impose a higher tax burden on lower-income households that typically spend a larger percentage of their income on their home.
Montanans already pay property taxes. Imposing RETTs would impose a new tax on the same property.
VOTE YES to Prevent the Double Tax
http://preventthedoubletax.com
VOTE YES on CI-105
Join thousands of other Montana residents and sign our pledge today to help mobilize friends and colleagues in support of a ballot initiative in 2010 to protect your property from a real estate transfer tax.
Posted by ERA Landmark Real Estate on
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