Committee Wants State Constitution Amended to Ban More Real Estate Taxes
COLUMBIA - The Vote Yes to Stop Double Taxation Committee has until November 2nd to educate the public about Amendment 3. Voting 'yes' to Amendment 3 would not allow the state to impose any transfer taxes on property. It is a preventive measure as no transfer taxes are proposed.
A transfer tax can be levied on a property sold or inherited. The Committee believes that this is a double tax because Missourians also pay an annual property tax.
"If you look at our industry and the population of Missouri, we see that this is one of the areas that we think would hurt the consumers the most," said Larry Keating, Chairman of the Vote Yes to Stop Double Taxation Committee. "...I think we would have seen these taxes in the very near future where we'd have to vote on them anyways so we're just trying to take them out of the mix."
Paul Lane moved to Columbia in August. He said that if there had been a transfer tax in place, he "would not have been able to move."
Amendment 3 is meant to block the state's path to follow a trend that the Committee has been noticing in other areas.
"We are seeing city, county and state governments that are using property resources and transfers of real estate in order to become their new revenue streams," said Keating.
Kenney Hubble, President of Columbia Board of Realtors, said that the Missouri Association of Realtors, the main supporters of this amendment, wanted to "be able to change the constitution to say that we as Missourians do not want to have an additional tax on properties."
Lane agreed, adding that he believed a transfer tax, "...would kill the market" for homes.
There is no organized opposition to Amendment 3.