Read more: Local, Fact Finder, Housing, Tax, Realtors, Taxation
KIRKSVILLE, MO --
With the housing market already taking a hit just like everything else, the possibility of a new tax has Missouri realtors banding together.
Our Fact Finder Team contacted the Northeast Central Association of Realtors, who says a real estate transfer tax could add thousands of dollars to the cost of buying or selling a home.
“This tax transfer is basically just adding a tax to their property on top of other taxes already there and it is actually, we're considering calling it double taxation because it is exactly what is happening,” said President Beverly Brewer.
For example, someone selling a $200,000 house could end up paying $8,000 to the government.
“There are only 13 states that do not have it at this time, and so we are fighting desperately to keep it off of our records because after it's voted on once, you can never take it away,” Brewer said.
And realtors say that when asking prices are already low, homeowners will probably sell their house for less than they bought it.
