Saturday, August 31, 2002

Another Quarter Heard From

REALTOR Magazine online has an interesting tidbit with the realtor's view of Tennessee's tax and revenue situation. It's short, so here 'tis:
Southern Report: Change Ahead in Tennessee Elected

(August 30) -- "We have an open (no incumbent) U.S. Senate
seat, three open Congressional seats, our Governor has served
two terms and cannot run again, and nearly 13 percent of our
state legislature has decided to retire," said Rob Broome,
lobbyist for the Tennessee Association of REALTORS. "The
most significant change could come in the state Senate, where
Republicans believe they have a strong chance to capture
control for only the second time in last 100 years."

Tennessee's races are receiving significant national attention,
with two strong candidates running for the U.S. Senate seat
being vacated by Republican Fred Thompson, and Democrats
also having a good chance at recapturing the 4th Congressional

The major campaign issue that affects Tennessee REALTORS
is how to solve the state's continuing fiscal crisis. "Instituting a
state income tax has been taken off the table, and with the
nation's highest sales tax, we will not see any increase in the
sales tax," said Broome. "That just leaves possibilities like
expanding the property transfer tax, a state-wide property tax,
and taxing services, including real estate services. With the low
mortgage rates, real estate has remained a strong economic
sector and that makes a tempting target for increased taxation."
It's important to note that while none of the measures mentioned above take money from realtors because such taxes will be passed through, they do increase the cost of houses and the services involved in selling them, which will have a negative effect on sales.

Until next time,
Your Working Boy

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