Real Estate Tax and What it Means to YOU

I’ve just returned from the Ohio Association of Realtors convention in Columbus, Ohio.  It is always a good thing to attend and hear about new legislation that we should all take part in making PASS or FAIL.  There has already been a lot of misinformation regarding the health care bill passed by President Obama and what proposed changes are included in the bill.  One misconception is that a “real estate tax” is going to charge a percentage to everyone.  Actually, the bill will only affect SOME real estate transactions.  This handy booklet prepared by the National Association of Realtors will help to give you information as well as scenarios and examples of how the tax MAY or MAY NOT affect YOU.  3.8% Real Estate Tax Effective Jan 2013.