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Real Estate Transfer Tax Changes Proposed

Real Estate

December 17, 2007
December 17, 2007.  House Republicans announced  plans to introduce bills to eliminate the real estate transfer tax and decrease the amount of the increase in property taxes which occurs after a home is sold, (called the pop-up tax).  Recently the House passed several bills proposed by MSHDA which would extend the timing of the pop-up tax to 18 months after the sale.  The new proposal would reduce the amount of the pop-up tax by basing the amount assessed  on community home sales and not on an individual home value.  Also proposed is a measure to allow homeowners who have a new home and still have an old home on the market, to carry homestead exemptions on both homes. The bill would allow homeowners to have up to three appraisals when appealing their property tax.