February 8th, 2010 12:34 PM by Mike and Susie Berra
Missouri is in the minority in the United States as far as having a real estate transfer tax, and we hope it stays that way. It is presently one of only 13 states that do not impose transfer taxes. A real estate transfer tax is a one-time tax paid at the closing of the property. Like a sales tax, a transfer tax would charge every seller a percentage of the total sales price. In some states, it is as high as 4% of the sales price.
The Missouri government currently has the power to enact a transfer tax at any time, but the Missouri Association of Realtors is leading the charge to amend the state constitution and prohibit the real estate transfer tax for good.
A 2010 ballot initiative is already in place. A "YES" vote means changing the Missouri Constitution to prevent the state or local government from ever charging new taxes on the sale of a home or property.
For additional information, go to www.yestosavehomes.com