Tuesday, December 29, 2009

Missouri Taxes

It's the end of the year and the tax man cometh! Here's a tax related topic you may not be aware of...

Did you know that Missouri is only 1 of 13 states w/out a transfer tax? Did you know that every state touching Missouri has a transfer tax? Have you heard of a transfer tax before?

A transfer tax is a tax imposed on a real estate transaction for “transferring” the property. Basically this means that when you sell your home, not only are you paying the normal annual taxes but you're also paying simply to sell your home. In the current economy, well in any economy, you probably don't want to have to lose this money when you sell your home, I know I don't!

The odds are that you will one day own a home if you already do not. This is an issue that will affect you if we don't do something about it. If you think a transfer tax sounds like a bad idea then please sign the petition here: http://bit.ly/7mE4lL

The Missouri Associate of Realtors is pro-actively addressing this issue by trying to get a constitutional amendment on the ballots in Missouri to ensure that a transfer tax can never be imposed. Vote yes to support this amendment and stop the potential of these taxes getting started in Missouri.

Here's a map to show what Real Estate Transfer Taxes are already in place across America. I'm not sure the original source of this map and apologize that it appears to show 14 states without a transfer tax.

For more information please visit the official petition website: http://bit.ly/6QAhYm

Please let me know your thoughts on this issue. Do you think this is a good idea or a bad one? Have you had personal experience with this in another state?

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