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Voters agree to ban real estate transfer taxes
Source:
fox8live.com
- Dec 21, 2011
BATON ROUGE, La. (AP) - The state and municipalities will be unable to impose a tax on the sale or transfer of homes and property.
Voters in Saturday's election overwhelmingly backed a constitutional ban on real estate transfer taxes, making Louisiana the fourth state in the nation with such a prohibition.
New Orleans' existing tax will be grandfathered in, but can't be raised.
Louisiana Realtors pushed the constitutional amendment, saying the tax could price some people out of the housing market. Lawmakers unanimously agreed to send the proposal to voters.
Opponents questioned the need for a statewide ban, saying that it was unlikely the tax would get legislative support anyway and that local governments and their voters should be able to decide if such taxes are needed.
Thirty-seven states have real estate transfer taxes.
Category: Louisiana
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