Imagine a property transfer tax, a sales tax when you decide to sell your home. Can you imagine what this would mean for our Real Estate market? REALTORS oppose undue fees or taxes being imposed on Indiana's housing industry. Some legislators have called for new fees on housing to support new spending! Indiana's housing market has struggled in recent years. Our foreclosure rate remains among the highest in the nation. Our rate of home price appreciation is among the lowest in the nation. Indiana homeowners have more mortgage debt, and thus are more leveraged, than their counterparts nationally. Sales activity has slowed in recent months.
In this climate, we are fearful of the state starting down a policy road of adding new layers of taxes or fees to housing. These fees become a target for increases in the future and for adoption at the local level. As we have seen in many other states, these additional layers of cost can have significant impact on market health as they grow over time.
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