“YES” MEANS “NO” ON Amendment #1
While attending the Louisiana State Realtors Fall Conference , one of the events heavily attended by Louisiana Realtors was the Stay Tax Free event supporting Constitutional Amendment #1. Louisiana Realtors are supporting Amendment #1 and here are my thoughts as to why Louisiana residents should also support Amendment #1 to remain tax free.
WHAT IS AMENDMENT #1?
Amendment #1 will be on the November 19th ballot and is an amendment to prohibit any new real estate transfer taxes in the state of Louisiana. Louisiana does not currently have any transfer tax in place for real estate. Unlike other states, when a property is sold in Louisiana there are no extra transfer taxes charged to either the buyer or the seller. Most homeowners in Louisiana already pay property taxes. Transfer taxes are simply another tax on the same piece of property.
Louisiana is one of only 13 remaining states without a real estate transfer tax. We want to maintain this advantage over other states with real estate transfer taxes, especially since the adjacent states of Texas and Mississippi do not have real estate transfer taxes either.
By remaining tax free, we help ensure the health of our residential and commercial real estate markets by making sure this kind of tax is not imposed in the future.
- Amendment #1 will prevent the state, or any parish or municipality, from imposing any new tax on the sale or transfer of homes or commercial property. These kinds of taxes are known as real estate transfer taxes.
- Real estate transfer taxes are double taxation.
Louisiana Residents and Lake Charles homeowners are going to begin to hear more about Amendment #1 when the media blitz begins on October 14. So it is important to understand why Supporting Amendment #1 to remain Tax Free is so important before the November 19th vote.
A vote FOR Amendment #1 on November 19 will…
Protect your home from double taxation. Keep Louisiana free from additional taxes, especially those that unfairly target homeowners and homebuyer
To better understand the impact of how a real estate transfer tax could impact Lake Charles homeowners I have included an example of transfer tax on a $250,000 home :
Property price $250,000
Local Transfer Tax Rate .47%
State Transfer Rate 1.5%
Combined Tax Rate 1.97%
YOUR TRANSFER TAX AMOUNT WOULD BE $4,925.00
REASONS WHY I SUPPORT AMENDMENT #1 TO REMAIN TAX FREE
- Additional tax of any kind in a real estate transaction would inhibit the buying and selling of real estate. No one will escape the impact – buyers, sellers, agents, brokers, other real estate related industries
- A real estate transfer tax would make it more costly and harder for people to buy or sell a home.A home is often the largest asset a person has. Real estate transfer taxes place a big burden on homeowners who work hard to build up equity, only to see some of that equity go to government when they sell their property.
On November 19th, Protect Louisiana Homes from Transfer Taxes VOTE YES (which means NO TRANSFER TAX!)
For more information on Amendment #1 visit Staytaxfree.com