North Carolina voters reject land transfer tax
RALEIGH (AP) — Voters in 16 North Carolina counties soundly rejected a proposed land transfer tax, leaving local leaders without a new revenue source they hoped to use to handle
growth.
The anti-tax vote yesterday was a clear win for housing industry trade groups that spent hundreds of thousands of dollars to defeat the idea.
Tim Kent with the North Carolina Association of Realtors says the vote was a big victory for housing affordability.
The Legislature agreed to let counties raise the tax on land transactions from 0.2 percent of the sales price to 0.6 percent. That would raise taxes by about $800 on the sale of a $200,0000
home.
David Thompson with the North Carolina Association of County Commissioners says he expects voters will be more comfortable with the land-transfer tax in coming years.
(Copyright 2007 by The Associated Press. All Rights Reserved.)
Leave a Reply