Land Transfer Tax or Sales Tax Increase?
The state legislature has granted county government's the right to hold a referendum for voter approval to adopt either a Land Transfer Tax or a Sales Tax increase. Orange County has been discussing when to hold such a referendum and whether to place the transfer tax or the sales tax on the ballot. There is also a possiblity that BOTH options will be on the ballot; if voters approve both then the BoCC could choose which to implement.
I'd like to know what you think. Do you have a preference?
Both options would raise substantial funds for the county, helping us diversity our tax base and eventually (I hope!) ease the tax burden on most residential property owners. The transfer tax option, if approved and implemented, would bring in a bit more revenue than the sales tax increase.
The downside to the sales tax increase is that it would be paid by residents nearly every day, every time you go to the supermarket or to the mall. And it effects the poorest the hardest.
The land transfer tax, on the other hand, would only be assessed when real property is sold. You'd only pay the tax if and when you sell your home, for example.
What's your preference? Take just a few moments to let me know by taking this survey.