Reply to Gotta love those Dems!Mink, Jawando want to increase taxes!

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous] The history of this is that developers used to pay an impact tax, that went to the school system for building housing in area where the schools were overcrowded. The Planning Board blew that up, saying no, schools are overcrowded because of turnover in housing, not development. They convinced the council to ax the impact tax on developers, and instead move it to those buying new homes. Also, it's a progressive tax, so you're paying significantly less on a $500000 home than a 2 million dollar home.   And the impact tax went away years ago, and the recordation tax was supposed to be implementer at that time but, it didn't. This is long overdue[/quote]

It's not progressive. That's like saying the sales tax is progressive because you pay more on a larger purchase. A progressive tax is one where the rate itself is higher as you go up in income or price, such as the federal income tax.[/quote]

Taxes on homes valued over 1MM should be raised.  Good idea.[/quote]

I think that's a good idea -- a low rate for 0-1MM, a higher rate for 1-2MM, another higher rate for 2-3MM, and so on. Also, I would do a much higher rate for non-principal residences because we really need to curb the trend of investors snatching up properties to rent out.

The proposal as it stands is just lazy and hurts people trying to climb the ladder.[/quote]

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