Grantor’s Tax Ruled Unconsitutional
March 13th, 2008 | Posted in Hampton Roads Housing | No Comments »
The Virginia Supreme Court has ruled the grantor’s tax unconsitutional. This would have unfairly raised taxes only on those people selling homes in Hampon Roads by enormous portions in order to pay for new roads and existing roads. Currently, on a $200,000 home the grantor’s tax is $200. The proposal would have raised it to $1000 on the same $200,000 home. Lets be grateful that this did not go into affect and create another obstacle in this unbelieveable home market.