1% land transfer tax as state revenue? Now, it's a real possibility!

By Mike Cross
Posted Sunday, March 25, 2007

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Chatham County, NC - Senator Clodfelter, Charlotte-Mecklenburg, Co-Chair of the Senate Finance Committee, has filed Senate Bill 1201. This Bill would increase the current deed stamp tax from 0.2 percent to 0.5 percent and would institute a 1 percent excise tax on mortgages.

There would be No Voter Referendum!

The proceeds (80% of the total) would go to the state to create the Capital and Infrastructure Fund (75%), Parks and Recreation Trust Fund (18.75%) and Natural Heritage Trust Fund (6.25%).The latter two trust funds already receive the state revenues from the existing county 0.1 percent deed stamp tax. Counties would continue to receive the revenues from the existing 0.1 percent deed stamp tax and would receive only 20% of the revenues generated by the 1% excise tax on mortgages.

This may well be a great proposal for solving many of the problems with our state budget, but our share will not pay for what Chatham County is facing! Now, just might be a good time to join forces to keep this 1% revenue as a local option tax and keep these revenues at home.If we don’t join forces, we could all lose!