ATLANTA (March 26, 2013) – The State Senate passed HB 160, carried by Sen. Jesse Stone (R-Waynesboro), by a vote of 53-1. If HB 160 becomes law, it will eliminate the private transfer taxes that require a certain amount, typically one percent of the sale price, be paid every time property transfers. These private transfer taxes do not benefit anyone connected with the property and typically extends the cost and time required to close a real estate sale.
“This is essentially a tax on future sales of the property,” said Sen. Stone. “By passing House Bill 160, we’ve reduced the burden on property owners, eliminated an extra closing cost that will help our real estate market, and align Georgia’s property laws with more than 40 other states.”
This bill prevents Georgians from being victimized by unscrupulous developer practices that interfere with marketability of titles and mortgages.
HB 160 does make exceptions for legitimate fees charged by condominium owners’ associations, property owners’ associations and publicly-regulated parties such as railroads and community land trusts or community development corporations.
For full text of the bill, please visit online here: http://www.legis.ga.gov/legislation/en-US/Display/20132014/HB/160.
HB 160 now returns to the House for approval of changes made by the Senate
RELEASE
For Immediate Release:
March 28, 2013
For Information Contact:
Jennifer Yarber, Interim Director
Kate Greer, Broadcast Specialist
Kate.Greer@senate.ga.gov
404.656.0028