The Tucson Association of Realtors has released the Residential Sales Statistics for May.
Average sale price was $168,453. Median sale price was $127,000. There were 1,257 sales in May, only slightly below the 1,270 sales a year ago. Fortunately, number of listings is down to 5,795, down 14% from last May.
Friday, June 24, 2011
3.8% Sales Tax on All Real Estate Sales!
Have you received a chain email like this:
This should help stimulate the Real Estate market! UNDER THE NEW HEALTH CARE BILL – DID YOU KNOW THAT ALL REAL ESTATE TRANSACTIONS ARE SUBJECT TO A 3.8% “SALES TAX”? YOU CAN THANK NANCY, HARRY & BARACK (AND YOUR LOCAL CONGRESSMAN) FOR THIS ONE.
IF YOU SELL YOUR $400,000 HOME, THIS WILL BE A $15,200 TAX.
Please, settle down and don't shout! The purveyors of this email can only wish the health care bill were this evil. According to factcheck.org and snopes.com, this tax only applies to people with income exceeding $200,000 per year. If the seller has lived in the house for two of the last five years, the first $250,000 in capital gains for a single person and $500,000 in capital gains for a married couple is tax free. Only the capital gains in excess of those amounts will be taxed at 3.8%.
Sales of vacation homes and investment properties are not exempt from this tax.
Most of us can't even dream about $250,000 in capital gains on the sale of our homes. This bill will generate so little tax revenue, and it has predictably created so much rumor fodder, I don't see why it was ever tacked on to the health care bill.
This should help stimulate the Real Estate market! UNDER THE NEW HEALTH CARE BILL – DID YOU KNOW THAT ALL REAL ESTATE TRANSACTIONS ARE SUBJECT TO A 3.8% “SALES TAX”? YOU CAN THANK NANCY, HARRY & BARACK (AND YOUR LOCAL CONGRESSMAN) FOR THIS ONE.
IF YOU SELL YOUR $400,000 HOME, THIS WILL BE A $15,200 TAX.
Please, settle down and don't shout! The purveyors of this email can only wish the health care bill were this evil. According to factcheck.org and snopes.com, this tax only applies to people with income exceeding $200,000 per year. If the seller has lived in the house for two of the last five years, the first $250,000 in capital gains for a single person and $500,000 in capital gains for a married couple is tax free. Only the capital gains in excess of those amounts will be taxed at 3.8%.
Sales of vacation homes and investment properties are not exempt from this tax.
Most of us can't even dream about $250,000 in capital gains on the sale of our homes. This bill will generate so little tax revenue, and it has predictably created so much rumor fodder, I don't see why it was ever tacked on to the health care bill.
Thursday, June 23, 2011
Vote for Tucson, The Best Town Ever!
Tucson is one of the top ten finalists in Outside Magazine's Best Town Ever contest. Voting for Outside Magazine’s “Best Town Ever” ends Sunday, June 26th at 9:00 p.m. Arizona time. The Old Pueblo needs your vote every day until then! Tucson is slowly gaining ground on Chattanooga, TN but we are running out of time and will not catch them unless you participate directly.
Today, Chattanooga is leading the pack with 6,019 votes. Tucson is in second place at 4,790 votes. This is probably because most people in Tucson are outside enjoying Tucson's fabulosity instead of sitting in front of their computers, but come on, take a minute and vote for Tucson!
Please cast your vote every day at facebook.com/OutsideMagazine. You will need to ‘like’ their page before you’re able to vote. You can vote until Sunday, June 26th at 9:00 p.m. MST.
Today, Chattanooga is leading the pack with 6,019 votes. Tucson is in second place at 4,790 votes. This is probably because most people in Tucson are outside enjoying Tucson's fabulosity instead of sitting in front of their computers, but come on, take a minute and vote for Tucson!
Please cast your vote every day at facebook.com/OutsideMagazine. You will need to ‘like’ their page before you’re able to vote. You can vote until Sunday, June 26th at 9:00 p.m. MST.
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