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I think in the short term it will be a seller cost. In the longer term I believe buyers will end up paying for it since the price of houses will go up. (If a seller has a certain amount they need to get out of the house, he will need to add that tax into consideration...)
It is truly a bad thing for this state. The big problem is that there is a relatively small lobbying group, since it doesn't directly affect people until they sell their homes.
North Carolina county governments are generally prohibited from collecting impact monies to pay for additional public schools and increases in police, fire and public health protection, additional water & sewer capacity, public hospital improvements resulting from the large increases in their local populations. Each individual county must now obtain prior approval from the state legislature. The state has not granted any county the authority in 20 years.
If the currently proposed legislation becomes state law, the real estate transfer tax would then have to be approved by each individual county board of commissioners or by the county voters through a local referendum before implementation. The 42,000-member N.C. Association of Realtors, which represents most of the state's active residential real estate agents oppose the tax.
Im paying 5900 bucks to exit NJ...that is my RE transfer tax...I certainly hope it doesnt pass there...
How can one find out if there are similar laws in other (my) states? I've never heard of such a law/tax, and now I'm worried that when I sell my home later this year, I will have to give a few thousand dollars I had earmarked for mover's costs to the government for selling my home.
You said you're paying a RE transfer tax...could you please explain what that is? Is it a tax for selling your home, or a tax for selling your home and moving out of state, or neither? Thanks so much for any info!
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