With the state and local governments facing a budget deficit in the billions there is tremendous pressure to generate new revenue sources. In a short organizational session House Bill 2518 was sponsored at the request of the House Interim Committee on Revenue and attempts to lift the existing pre-emption on real estate transfer taxes. This legislation would allow local governments (city, county, district, political subdivision or other municipal corporation) to impose multiple layers of a tax at the point of sale during a real estate transaction.
Oregon’s economy and real estate market is struggling. A new tax increase on real estate will make it harder and more expensive to buy or sell real estate in Oregon negatively impacting Oregon’s housing market and economy bringing transactions to a halt and stopping job growth. Unfortunately, many families are forced to sell their home or are facing foreclosure due to a job loss or pay cut. It is unfair to impose a new tax on Oregonians facing severe financial hardship, who are already paying high property taxes.
Protect Oregon Homes is pursuing a ballot measure to permanently defeat new sales taxes on real estate. Make a commitment to get involved today and help eliminate this threat to housing affordability and the dream of homeownership. To learn more and calculate how a new tax would impact you visit: www.ProtectOregonHomes.com