You can ban a new tax on real estate

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Professional headshot of Mark Lehman

09/01/2015 | Author: Mark Lehman

In Lehman's Terms

Call it what you want: A real estate transfer tax. A sales tax on real estate. A real estate transfer fee. A home tax.

They’re all the same thing: A tax on the sale of your property. Thirty-seven states have such a tax, but Texas does not. And you have the opportunity to make sure Texas never has one.

Proposition 1 on the November 3 ballot gives Texas voters the chance to ban a real estate sales tax. Forever. You already pay high property taxes. A vote for Proposition 1 ensures you won’t have to worry about adding this tax, too. 

This vote is important for your personal finances but also for the state’s economy.

I’ve participated in economic development initiatives that encourage businesses to relocate to Texas. The message from these out-of-state businesses is always the same: They want to come to Texas for our business-friendly climate and because we don’t have a state income tax. But they worry that the state’s high property taxes will complicate the relocation of employees.

However, when I inform them Texas is one of 13 states that does not have a real estate tax, they again want to come to Texas.

Proposition 1 will ban taxes on the sale of real estate. It will also take the first step toward lowering property taxes in Texas. Voting for Proposition 1 saves property owners money now and in the future.

Mark Lehman is the vice president of governmental affairs for the Texas Association of REALTORS®. Political advertisement by the Texas Association of REALTORS®

Categories: In Lehman's Terms
Tags: in lehman's terms, proposition 1, taxes, property taxes


Comments

John Harrell on 09/09/2015

Excellent piece. By passing this important Constitutional Amendment, we can sustain Texas’ competitive advantages for a long long time. Thank you, Mark.

Tom Clarke on 09/09/2015

What a valuable piece of information!  I am, frankly, rather embarrassed that I had no clue this referendum opportunity was so critical in the upcoming general election. U ‘da man, Mr. Lehman!

Tom Morgan on 09/09/2015

Thank you Mark Lehman and the TAR team.  Great job protecting Texas real estate consumers!

Cathy Cole on 09/07/2015

Mark,
As usual you put it in perspective.  Should have replied sooner but tonight is now and tomorrow a new day….  We will work together on this!

Lucy Burton Gould on 09/03/2015

As I begin my 17th year in real estate, being a part of such a great organization as TAR, this is an example of good source information to share. Thank you.


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The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

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