We first talked about Measure 79 a few weeks ago – the measure that added language to the State’s constitution to prevent a double tax on sold real estate. Under Oregon’s former rules, any governing body can decide to add a tax to the sale of property. This measure allows voters to decide and eliminate the possibility of a transfer tax (an additional sales tax) on your home.
With home prices still stabilizing, now would not be the time to add another tax on the sale of real property. However, Oregonian homeowners recognized that it could be hurtful to our citizens right now and decided to vote yes to prevent any governing body from implementing a tax without voter approval.
The victory was resounding – it passed a hopping 59% to 41% at the time of reporting (not yet completed counting).
We wanted to thank everyone who voted in the election on any issue but also those who took the time to learn more about Measure 79.
It seems counterintuitive to vote YES in order to say NO to a new tax, but that is exactly what we need to do this November. Measure 79 amends our constitution so that we, the taxpayers, will have the right to vote on any new proposed real estate transfer taxes. A transfer tax is essentially a sales tax on your home. Under Oregon’s current rules, any governing body can decide to tax the sale of property. Multnomah County could decide to impose a transfer tax, and the city of Portland could also decide to impose a transfer tax, and you’d have to pay both.
If your house were to sell for less than you bought it for, or if you owe more on your mortgage than what you can sell your house for, and a transfer tax was in place, you’d still have to pay! With prices having declined, and the economy not yet recovered, now would be a poor time for home sellers to have to come up with several thousand extra dollars. This ballot measure will stop state and local governments from imposing a new tax on Oregonians without their approval.
Everyone here at Realty Trust hopes you will join us in voting YES on measure 79!