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Stop real estate transfer taxes in Missouri

On November 2, 2010, Missouri voters will have a chance to put the matter of a transfer tax on homes and all other real estate transactions in the state to rest. While 37 other states, as well as the District of Columbia. These tax rates range from Colorado on the low-end at 0.01% to Delaware on the high-end at 2%. Think of them of a sales tax on real estate. While there is currently no such tax in the State of Missouri, the sluggish economy has many fearing that it is only a matter of time before state and local legislators look toward imposing such a tax to fill budget shortfalls. Enter Amendment 3.

Up for vote on November 2nd, this amendment to the Missouri State Constitution would forbid state or local legislators from ever imposing such double taxation upon our state. It would stop double taxation. Here is the specific wording of the amendment:

“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?”

Considering the already sputtering housing market and patent unfairness of these transfer taxes on real estate, the citizens can not allow of representatives to be temped by the prospect of filling their coffers. With homeowners already losing countless dollars by sinking appraisals and real estate developers facing razor-thin margins even a small transfer tax could be disastrous for our state. So come November 2, please vote “YES” on Amendment 3. A vote of “YES” say “NO” to double taxation in Missouri.

For more on Amendment 3, check out the Yes to Save Homes website.

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Matt Kastner

Matt Kastner is an Investment Real Estate Consultant at St. Louis Real Estate Society in St. Louis, Missouri. He is also develops properties on the side through Threshold Properties. When he isn't representing investors in the purchase or sale of multifamily properties, rehabs, foreclosures and other income producing properties, he is often taking on rehab projects himself. He lives in South St. Louis and has been in the real estate business since 2004.

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