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Wednesday, September 29, 2010

Election Day Education - What would Amendment 3 do?

Vote YES on Nov. 2 to protect Missouri property owners from double taxation.

Information below is from:

What would Amendment 3 do?
It would amend the Missouri Constitution to prevent double taxation on homes and other properties by barring transfer taxes on real estate transactions.

What is a real estate transfer tax?
It’s a tax imposed by state or local governments, or both, that is collected when you transfer ownership of your home, land or other real estate. Typically, once the tax is on the books, the rate can be increased by the state, city or county without a vote of the people.

What is the specific language of Amendment 3?
Amendment 3 is simple and straightforward: “Shall the Missouri Constitution be amended to prevent the state, counties, and other political subdivisions from imposing any new tax, including a sales tax, on the sale or transfer of homes or any other real estate?”

Do Missouri or its local governments now impose real estate transfer taxes?
These unfair taxes are currently allowed under the Missouri Constitution. Even though these unfair taxes are not now being collected in Missouri, 37 states and the District of Columbia are imposing some variation of a real estate transfer tax. Missouri needs to head off this temptation to politicians that amounts to unfair double taxation.