Tucson leaders next month may consider levying a fee on some new and existing home sales to generate funds for affordable housing. But the proposal and others like it could be derailed if voters pass Proposition 100 next month, say supporters of the ballot measure.
The Protect Our Homes initiative would create a constitutional amendment barring the state and local governments from assessing a tax or fee whenever a property trades hands. Known as a real-estate transfer tax, it would be imposed on a sale, purchase or ownership transfer of a home, commercial property or land.
No such tax currently exists in the state. But the Arizona Association of Realtors, which is financing the campaign, says tax proposals recently floated by city councils and state lawmakers raise serious concerns. read more
Source:http://www.azcentral.com/arizonarepublic/local/articles/2008/10/19/20081019transfertax1019.html
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