Wyoming may ban real estate taxes
It’s rare for any government to vote to eliminate a tax, but that’s exactly what the Wyoming legislature is considering.
The state legislature is now considering a bill that would put a measure banning real-estate transfer taxes on the November ballot. You can read the story, by the Jackson Hole Daily’s Noah Brenner, here.
The proposed joint resolution would ask voters to approve a change to the state constitution mandating that no tax shall be levied upon real estate transfers.
The state of Wyoming is now able to levy a real estate transfer tax, which is basically a sales tax on real estate sales. So far, though, the state has not been able to muster enough support to ever levy such a tax.
Some quoted in the story, mostly politicians, oppose the constitutional measure, saying it would take away what could be a valuable tool for raising money. Others who support the measure, say it’s a way to keep the costs of homeownership down.
My thoughts? Buying a home in Chicago, where I live, is a costly proposition. Part of the problem is the real estate transfer taxes, which, by the way, the Chicago City Council just voted to raise earlier this month. The folks of Wyoming, and any state that doesn’t yet charge these fees, should count their blessings.
Tags: real estate fees, real estate transfer taxes, WyomingRelated Stories
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