I purchased my home ten years ago and there was no 2% tax to be paid to the local county for transfer of owners. Recently I looked into purchasing property in Pa and found this, in addition to other costs, were now added to purchasing a home. I was told by the realtor that this 2% tax is the counties highest form of income.
Could this be part of the reason why purchasing homes is down? People moving into an area will be paying taxes and those selling paid taxes, isn’t this just greed on the part of these counties?
Is this a common fee all over the USA?
If additional fee add up come to $10,000. - $13,000. doesn’t this mean that the buyer is actually paying $163,000.00 for a home that is only worth $150,000.00. Also this is lost investment because you have no way of getting it back when selling the home.
Since we pay taxes annually for services, isn’t this a form of double taxation which is unconstitutional (money is to be taxed only once)?
2007-08-02
15:02:13
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5 answers
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asked by
Traveler
4
in
Renting & Real Estate