What is a Real Estate Transfer Tax?
A real estate transfer tax is a state or local government imposed tax that is collected when you transfer ownership of your home, land or commercial real estate. Typically, once the tax is initiated, the rate can be increased by the state, county or city at any time.
What is the language of the constitutional amendment being considered?
Amends Constitution: Prohibits real estate transfer taxes, fees, other assessments, except those operative on December 31, 2009.
Result of “Yes” Vote: “Yes” vote prohibits state/local governments from imposing taxes, fees, assessments on transfer of any interest in real property, except those operative December 31, 2009.
Result of “No” Vote: “No” vote retains existing law, prohibiting local governments from imposing real estate transfer taxes/fees (with exceptions), allowing state legislature to impose such taxes/fees.