Important message from NHAR 2007 President Bonnie Guevin…REALTORS please don’t ignore this plea.
Call to Action: NHAR Opposes Increasing Real Estate Transfer Tax
Dear REALTOR ® Members,
From the beginning, REALTORS® have supported LCHIP (Land and Community Heritage Investment Program) and its predecessor, LCIP (Land Conservation Investment Program). LCIP started under Gov. John Sununu in 1987 as a temporary program funded by a $20 million bond. LCHIP came into being in 1999 under Gov. Jeanne Shaheen (RSA 227-M).
REALTORS® have opposed funding these programs from a small group of taxpayers – the buyers and sellers of real estate.
We believe LCHIP should be funded through the State’s general fund, and not through a tax increase paid only by buyers and sellers of real estate because:
- The RETT (Real Estate Transfer Tax) is already too high (second highest in the country), and this would increase the tax from $15 per $1,000 to $15.60 per $1,000.
- A RETT increase of any amount is not consistent with policies promoting affordable housing.
- LCHIP should be measured on its own merits, and not and not exempted from scrutiny by dedicated funding.
- Passing the RETT increase will create a harmful precedent: to use increases in the tax as a funding source for other state programs. Such additional increases in the tax will further increase the cost of housing and discourage home ownership.
- REALTORS® have been consistent in their position, and New Hampshire Legislators have agreed.
Until now.
The RETT increase, which was originally proposed as an amendment to HB 868, has now been placed within the budget bill, HB 2. NHAR opposes an increase in RETT to fund LCHIP and opposes its inclusion in the budget bill. At a minimum, the Legislature should vote on any increase in the RETT and the creation of a dedicated fund on its own merits, not as part of the larger budget bill.
Contact your State Representative and State Senator and ask that they OPPOSE funding LCHIP through an increase in the RETT.
Special Note: If the House passes the budget, which includes the RETT increase, the Senate will have an opportunity to defeat this increase. It is imperative that the REALTORS® come out in force to the Senate public hearing on the budget, scheduled for Tuesday, April 17, from 3 to 5 and 6 to 9 p.m. at the
State House.
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