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Sales Tax On Your Texas Home??!!
Image by DJ Curly via Flickr The Texas State Legislature has introduced a new bill that would force home buyers to pay a sales tax, or the real estate transfer tax as it currently is known, as a way to make up for loss of revenue due to the current economy. The tax monies would go towards funding programs that have absolutely nothing to do with real estate, and since it would be collected at closing as a closing cost, it would add an additional hardship on homebuyers and home sellers, as if the real estate market doesn’t already have enough problems. TREPAC is monitoring this situation closely and is going to do it’s best to fight this as it not only affects home buyers and sellers it affects the real estate community as well, so together we can fight this. If you think that this tax is bad idea contact your representative and tell them what you think. Follow these links to review the bills: http://www.capitol.state.tx.us/BillLookup/Text.aspx?LegSess=81R&Bill=SB942 http://www.capitol.state.tx.us/BillLookup/Text.aspx?LegSess=81R&Bill=SB950 http://www.legis.state.tx.us/BillLookup/Text.aspx?LegSess=81R&Bill=SB934 Click the following link to find out who your representative is. http://www.fyi.legis.state.tx.us/ Click here for perspective on how this could affect you. http://texasrealtors.com/web/4/33/whyinvest/1/NARstudy_transferTaxes.pdf
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