Monday, March 26, 2007
For additional information, contact:
Julie Woodson, Director of Public Affairs
NC Association of REALTORS®
800-443-9956 or jwoodson@ncrealtors.org
STATEWIDE CAMPAIGN LAUNCHED TO STOP PROPOSED HOME TAX
GREENSBORO - The North Carolina Association of REALTORS® today launched a statewide media campaign, Stop the NC Home Tax, to heighten awareness of pending legislation in the General Assembly to tax homeowners' equity.
"We have been telling lawmakers that a real estate transfer tax is a line-in-the-sand issue for North Carolina REALTORS® and for working families across the state," said Tim Kent, executive vice president of the association. "This campaign supports that stance. North Carolina homeowners do not want to pay an additional 1 percent sales tax when they sell their home.
"Taxing the equity in your home is a bad idea," added Kent. "Owning a home is a reward for hard work, taking personal responsibility and making sacrifices. The American Dream of homeownership is a proven means to build wealth, as your home is your single largest investment."
NC REALTORS® are mounting a statewide effort to help educate homeowners and taxpayers about legislative proposals to create a new tax on homeownership. Bills now being considered in the General Assembly would force homeowners selling their homes to pay a 1 percent sales tax. For example, if you own a $150,000 home, you would be forced to pay $1,500 to the government when you sold your home.
"Taxing homeownership is taxing your nest egg," said Kent. "It's taxing the equity you've worked years to build - the equity you'll use to purchase your next home, to send your children to college, or for retirement. We believe hitting our state's working families with a new tax on their hard work is wrong."
Kent said the campaign will utilize television, radio and direct mail advertising. Additional information about Stop the NC Home Tax can be found at the campaign's dedicated Web site: www.itsabadidea.org.
The NC Association of REALTORS® was founded in 1921 and today has more than 42,000 members statewide. Assistance in this campaign is being provided by the NC Homeowners Alliance, an organization founded in 2006 by NC REALTORS® to protect housing affordability and private property rights.