Vermont Legislative Update, Issues Affecting Bennington VT Real Estate
Sunday, February 4th, 2007PROPERTY TRANSFER TAX INCREASE AVOIDED
Last week, the Agricultural Committee proposed adding a ¼% to Non-Residential property, in an effort to raise $4 million to aid struggling dairy farmers. Vermont Association of Realtors (VAR) testified before the Committee that we understand the need to keep the dairy industry vital to the state economy; however, this increase would impact those who can least afford to buy housing because it would most likely raise rents and possibly deter commercial transactions which could create or protect jobs. Before the Ways and Means Committee, VAR made the argument that there should be awareness that adding cost to transactions has a cumulative effect which could inadvertently stall an uncertain market. This is essentially why the Federal Reserve has stopped raising the Prime Rate by ¼% as it was showing signs of creating a declining real estate market.
Fortunately, Administration and Legislative Leadership found other funding sources to cover the dairy subsidy and the PTT increase was avoided in the end.
EDUCATION FUNDING GAINING INTEREST (more…)
