So what is Amendment 3 all about?
Amendment 3 is designed to prevent any transfer tax, including a sales tax, to be placed on real estate transactions.
The official ballot language reads as follows: "Shall the Missouri Constitution be amended to prevent the state, counties, and other political subdivisions from imposing any new tax, including a sales tax, on the sale or transfer of homes or any other real estate?"
It is estimated this proposal will have no costs or savings to state or local governmental entities.
So let me get this straight, If I vote NO it will not change the Missouri Constitution to prevent the state, counties, and other political subdivisions from imposing a new tax on the sale or transfer of homes or any other real estate. If passed, this measure will have no impact on taxes. With big state and local government deficits caused by wasteful spending habits, politicians are looking for new revenue sources. I say that enough is enough when it comes to taxes. We already pay sales taxes, income taxes, personal property taxes along with a boat load of other taxes and/or fees.
When times get lean the state will begin to look for other sources of income so the will be able to continue their wasteful spending habits.
Missouri is one of only 13 other states that does not levy any form of transfer tax on real estate transactions. All eight of our neighboring states levy some form of a transfer tax at some level.
If this is true then a YES vote will amend the Missouri Constitution to prevent the state, counties and other political subdivisions from imposing any new tax, including a sales tax, on the sale or transfer of homes or any other real estate.
Let me encourage you, even if you are not in the habit of going out to vote this is NOT the time to stay home and let someone else carry the load for you. Plan today to go to the polls on November 2nd and vote YES on Amendment 3 to amend the Missouri Constitution and prevent a transfer tax on the sale of real estate or any other real estate.
Don Rogers is a licensed REALTOR® in Missouri. I specialize in St. Charles County Missouri and have called O Fallon MO my home since 1993. If you are looking to buy or sell or you are relocating to the area and would like information about the St Charles County MO area do not hesitate to give me a call at 314-954-6775 or if you would prefer to send me an email.