Summarized Talking Points
- TN doesn’t allow counties or localities to levy transfer taxes. Statewide tax of .37%.
- TN REALTORS® is opposed to any legislation that would allow counties or localities to levy transfer taxes.
- Transfer taxes are discriminatory and targeted at the housing industry. The transfer tax is discriminatory in that it only applies to housing assets as compared to other assets like stock and bonds. Tennessee REALTORS® opposes targeted taxes and instead favors broad base taxes to meet local revenue needs.
- Transfer taxes are regressive disproportionately burdening lower-income households.
- Transfer taxes are an unreliable source of revenue because of the volatility of the housing market.
- Local option transfer taxes would substantially increase closing costs robbing the most vulnerable households of being able to afford a home.
- Local option transfer taxes, essentially a tax on moving, discourage mobility and make it more difficult for families to take advantage of Tennessee’s booming economy.
- Impact fees and adequate facilities taxes are levied to fund the cost of expansion or creation of public infrastructure due to new development.
- TN REALTORS® is opposed to the implementation or expansion of impact fees and adequate facilities taxes.
- TN REALTORS® opposes targeted taxes and fees at the real estate industry.
- Impact fees and adequate facilities taxes impose costs on home building that make the purchase of a home more expensive for all and preventative for some.
- Removing impact fees and adequate facilities taxes would encourage the building of more homes in areas where growth is exploding and give more Tennesseans access to affordable housing.
- TN REALTORS® supports HOA’s juridictional authority and their perogrative to determine the type of properties in their area.
- TN REALTORS® supports the property rights of its members and others by maintaining the rights of existing landlords to continue to rent out their properties.
- Because rental properties ofter provide significant cources of income to their owners, it would be unjust to strip Tennesseans of large portions, if not all, of theur livelihood. Many REALTORS® own properties in these communities for rental purposes.
