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.

Thursday, February 21, 2008

Orange Goes For Gold

Orange County Commissioners have voted to put a Land Transfer Tax on the May ballot.

From the UNC Daily Tarheel: County to vote on transfer tax

Board members spoke of the everyday burden a sales tax would place on residents and the benefit of being able to defer payment with a land-transfer tax until their property is sold.
Those who preferred the land-transfer tax in the survey either cited that taxes are already too high or were concerned with the regressive burden a sales tax would have on lower-income families.
From the News & Observer: Orange commissioners put transfer tax on ballot
Orange County voters will decide on the May primary ballot whether to initiate a land transfer tax. The Orange County Board of Commissioners decided unanimously Tuesday to put up for a vote a 0.4 percent land transfer tax, imposed on the seller of property at the time of sale.
"I support the one-time tax on a house," said Margaret Misch, who spoke in favor of the transfer tax option.
"I think that asking people to pay every day from current income ... it's asking a bit much," said Commissioner Moses Carey Jr., explaining why he favored the land transfer tax over the sales tax. Commissioner Valerie Foushee said that she also supported a land transfer tax and that county residents would have another chance to make their feelings known at the polls.

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