The title sounds like an ad for a discount brokerage. It is not.
The House Revenue Committee will hold hearings on HB 3052 and HB 3258 on Monday, April 9 at 1 pm in Hearing Room A of the State Capitol, 900 Court Street NE, Salem. Both bills would allow for the creation of a real estate transfer tax. HB 3052 would impose a 1% real estate transfer tax on all transfers of real property. The money generated would go to the State of Oregon. HB 3258 would authorize counties that lose federal timber payments to impose their own real estate transfer tax. No percentage is given in the bill.
Oregon.gov goes on to explain:
Imposes real estate transfer tax on transfers of real property. Exempts certain transactions from tax. Directs county recording officers to collect tax. Provides special rules for collection of tax on transfers of manufactured structures and floating homes. Establishes exemptions from tax. Establishes Shared Services Fund. Continuously appropriates moneys in fund to Oregon Department of Administrative Services for distribution. Applies to real estate transfers occurring on or after January 1, 2008.
Is the bill for the greater good or is an embattled but not beaten real estate market going to recoil? Or both?I’m not finding much pro or con on the Internet.
Fun(?) note: HB 3052 shares the same name as the 1999 medical marijuana bill.