Texas Association of REALTORS® Promotes Tax Relief in the Legislature
The Texas Association of REALTORS® has been working diligently with members of the state Legislature to support private property rights in regard to issues such as real estate transfer fees.
Its most recent advocacy effort has been involved with the Senate Finance Committee’s decision to support SJR1 — the Tax Relief Bill — which proposes a constitutional amendment that would prohibit the Legislature or local governments from imposing transfer taxes on real estate sales and transactions. Without transfer taxes, real estate buyers and sellers can know up front what the taxes will be when they enter into negotiations and closings, allowing them to freely negotiate who will be responsible for the taxes without any surprise costs arising when the closing and transfer occur.
SJR 1 passed the state Senate on March 25, 2015 and will now be considered in the House.
The REALTORS® association is also encouraging the Legislature to seek other sources of tax revenue that do not affect real estate property and property ownership rights.
The Texas Association of REALTORS® is making great strides in its advocacy efforts to ensure tax savings for property owners, and it hopes to continue advocating for and protecting the real estate market and property ownership.