Measure 79, if passed will amend the Oregon constitution to prevent state and local governments from imposing taxes, fees, and/or assessments on the transfer of any interest in real property, except those in force as of December 31, 2009. Currently Washington County is the only local government with a real estate transfer tax at 0.10% of sales price.
We all know that local and state governments have been suffering as a result of the Great Recession. Consequently they are often on the hunt for new sources of revenue and the National and Oregon Associations of Realtors are concerned that a transfer tax could be the next direction that governments look.
The concern is that a transfer tax on real estate transactions could put buying a home out of reach for some first time homeowners. It could also make it more difficult for struggling homeowners to sell their homes. Real estate transfer taxes can range from 0.10% to 4%.
However you feel about this measure the most important thing you can do is vote. Ballots will be mailed to Oregon residents October 19 – 23 and they must be returned by election day, November 6.