One of my friends in Durham sent me information about a hearing by the Durham County Commission for the real estate transfer tax. The forwarded email included the following, which I think you will find very interesting.
On Monday, August 13th at 7:00pm, the Durham County Commissioners will hold a Special Public Hearing to determine placing the .25 percent sales tax Option, .4 percent transfer tax option or both on the ballot this November. If the transfer tax is approved locally, the current .2 revenue deed stamp tax would increase to .6 percent. On a $150,000 home, sellers currently have to pay $ 300 at closing. Under this proposed tax, it would increase to $ 900.
It is critical that we have a room full of REALTORS® present to deliver the message that “this is a bad idea” and the impact it will have on housing affordability in Durham.
Please highlight your calendar and plan to join your colleagues next Monday night at the Durham County Commissioners meeting. We need a strong contingency of REALTORS® present at this meeting or else this option will be placed on the ballot for voter approval.
The Special Public Hearing will be at 200 East Main Street, 2nd Floor, Old Courthouse at 7pm.
Folks in Durham, we need a stronger contingent asking that it be put on the ballot.
Do you think that the Minneapolis bridge has got people thinking about how to pay for infrastructure?