It Is Time To Push Your Uncle… For A Few Pennies

City, State

Property Type

Min Price

Max Price

Beds

Baths

Categories: Local Issues Posted on March 6th, 2009

When someone sells their home in Virginia, they are required to pay a special tax to the government called a “GRANTORS TAX.“ A seller will pay $1 for ever $1,000 that the home sold for… OR… the current tax assessed value is. WHICHEVER IS HIGHER.

The Virginia Association of Realtors has been fighting for homeowners so that they pay the bill based upon what the home sells for. This is typically lower than the assessed value. Typically.

The update on the issue is that it will be RE-CONSIDERED before the 2010 General Assembly. It is my understanding that Governor Kaine would also have to sign off on this. Keep in mind that Kaine was the one that tried to raise the tax to $5 per $1000 of what the home sold for until the Virginia Supreme Court say no. This is a time to get your feet wet. Contact your local government and let your voice be heard. You will be selling at some point. Sellers are already taking a bath when selling. The least the government can do is not add to this cost with taxes based upon the highest rates possible.

Contact Governor Kaine Contact Senator Jim Webb (mention senate bill 1157) (house bill 2135)

What It Takes To Win A Foreclosure…

This entry was posted on Friday, March 6th, 2009 at 1:22 PM and is filed under Local Issues. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.