Sunday, August 1, 2010

Property Transfer Tax News.

1. Realtors, Others Oppose PRIVATE Transfer Tax Programs; Not Allowed for FHA Loans. Apparently some developers around the country have added transfer tax provisions to their developments. (seller pays a fee every time home is sold) with proceeds going to either the developer or to a developer captive non profit. Fees may also be bundled and sold (as securities?).

Realtors and others have formed a coalition to oppose these PRIVATE transfer tax programs; PR is HERE.  PR says Oregon is one state that has "restricted" use of these private transfer tax provisions; I don't know the specific Oregon "restriction" and if anyone does, please add as a comment below. 

PR also says:
An official with the U.S. Federal Housing Administration confirmed that the government will not insure mortgages for properties with Wall Street Home Resale Fees and the U.S. Department of Housing and Urban Development confirmed these fees violate HUD’s regulations.  

I have seen another story indicating that Fannie and Freddie are also looking at these fees.

2.Health Care Law DOES Have Some Very Limited Provisions. Nationally, the Health Care bill has a LIMITED transfer tax that includes a real estate transfer tax for HIGHER income families, and ONLY on profits above threshold amounts. Seattle Waterfront Homes blog HERE has details.

3. Oregon Ballot Measure Will NOT be on November Ballot. Appears to me that a measure that would have blocked local real estate transfer via an Oregon Constitutional measure FAILED to collect the required number of signatures to make it to the November ballot. Oregon SOC page for this initiative (#79) is HERE. (Earlier Oregonian story HERE indicates current law already bans, Realtors wanted constitutional ban).

Originally created and posted on the Oregon Housing Blog

1 comment:

  1. Tom: Oregon did prohibit private transfer fees, in 2009: HB 2481. See ORS 93.269. John VL