Real Estate Tax Hike Proposed by Gov. Baker
Tuesday, January 22, 2019
Posted by: Maria Brogan
In case you missed it, news broke over the weekend and was shared via our social channels that Governor Baker is proposing a huge tax hike on real estate to fund climate programs.
The proposed tax would increase transfers by 50 percent, adding close to $1,200 in taxes to the sale of a $500,000 home, with those costs paid by the seller.
From the Boston Globe: "Baker said the increase to the so-called deeds excise rate could generate anywhere from $130 million to $150 million annually toward a Global Warming Solutions Trust Fund, which cities and towns could then tap through grants, loans, and other avenues for local projects. That could include modernizing public buildings, fortifying sea walls, or improving drainage and flood control methods, depending on a city or town’s needs." | View Full Article
This issue is being monitored at the national, state, and local levels of your REALTOR® association. As more information is released, we will share with you. As REALTORS®, it is our job not only to help people buy and sell real estate, but to advocate for them on all levels of the legislature. This is why we are the REALTOR® Party and why we vote, act, and invest in RPAC.
Please join us on Wednesday, June 12th for our annual REALTOR® Day on Beacon Hill. Issues like this and others such as mandatory energy scoring, transfer taxes, and more are discussed with our legislators during this free event.