This site is about the overreaching political power of the NC Association of Realtors flush with money from cashing in your equity 6% at a time, leaving you to pay for growth with property taxes, year after year, with or without cash flow. In the last few years NCAR has pumped millions of dollars into NC political campaigns at the state and local level. They have spent millions more to defeat Local Options for Local Governments with misleading ads.

Wednesday, November 7, 2007

Money Talks

Looks like the transfer tax referendums failed in all 16 counties:
Brunswick , Chatham , Davie , Gates , Graham , Harnett County, Henderson , Hoke , Johnston County, Macon County, Moore , Pender , Rutherford , Swain , Union , Washington .

Sales tax referendums appear to have failed also.

Update: Sales tax failed in all counties where both a transfer tax and sales tax were on the ballot (Davie, Graham, Harnett, Johnston, Rutherford). Looks like realtors and home builders mobilized the anti-tax crowd too well and will have difficulty getting schools and infrastructure in place to support development. In counties where only sales tax referendum was being considered it appears to have passed in 6 counties (only Sampson, Catawba, Surry, Pitt and, Columbus confirmed as of writing).

Update: Home builders are going to be losers in this and they only have themselves to blame, especially in those counties with both transfer and sales tax measures on the ballot.

David Thompson, the executive director of the North Carolina Association of County Commissioners, said he expects voters will become more comfortable with the land-transfer tax in the coming years.

"There was a lot of well-funded publicity against the tax," Thompson said. "But it's still early. The growth is going to continue. The needs for schools and the needs for infrastructure improvements are going to continue to grow."


zweirad said...

Excellent. Now my property taxes will have to shoulder the burden. Too bad the developers don't care about the communities they build after the check is cashed.

gregflynn said...

You got it. Prepare to see your mortgage escrow increase.

Anonymous said...

You fought the good fight . . . alone. Next time, I'll be in the barrel with you 100%.

We need a strategy session for the upcoming legislature. And we may need someone who knows how to write bills. I think a special tax on real estate commissions is in order.