Suburban REALTORS Alliance Position The Alliance is opposed to increases in the current transfer tax
for the following reasons: 1) As the transfer tax is levied only on buyers and
sellers of property, the burden per taxpayer is greater than the burden from a more broad - based tax designed to generate the same amount of revenue; 2) Since public transportation is a benefit that is open to all members of society, the charge should not be placed solely on buyers and
sellers of property; 3) The transfer tax adds additional burdens on first - time home buyers saving
for a down - payment and
covering the closing costs and
runs contrary to existing federal, state, and local programs including the mortgage interest deduction, low interest property maintenance loans, and grants to first time homebuyers; 4) A real estate transfer tax is a state and local tax assessed on real property when ownership of the property is exchanged between parties.