|Position as of May 2003|
The National Association of REALTORS® opposes the imposition of real estate transfer taxes or fees under any condition. Whether as a general or earmarked revenue source, real estate transfer taxes and fees are a major burden to buyers and sellers, particularly at time of closing. Additionally, these taxes and fees:
- have a negative impact on housing costs and economic development,
- reduce housing opportunities across the income spectrum, and;
- are a particularly poor revenue source for the general operating budgets of state and local governments because of their extreme volatility.
In communities where transfer taxes currently exist, the National Association of REALTORS® urges their repeal and opposition to any increases. To lessen their impact on local housing costs, the National Association of REALTORS® encourages:
- the redirection of this revenue source to be used for one-time capital acquisitions which are related to housing or commercial property improvements (e.g. infrastructure) and
- exemptions to transfer taxes for first-time homebuyers and for homebuyers from low- and moderate-income households.