Payment methods accepted include: ACH Credit, WIRE*, or Check.Ī. Payment: Select payment method at the bottom of your form. Attach the following items to your form:ī. *Please note this form does not work in Internet Explorer.Ģ. Complete the Verification of Gross Consideration using the online form. Please read the instructions below to go through the Real Estate Transfer Tax process.ġ. Real Estate Transfer Tax has moved online! The burden of the tax is the responsibility of the property buyer or grantee. The amount of tax that must be remitted to the Town of Breckenridge is 1% of the Gross Consideration. This includes any transaction recorded with Summit County such as a name change, transfer to trust or LLC, addition of spouse, etc. All transactions for real property within the Town of Breckenridge in which no transfer tax is due, must have a related exemption application approved by the Tax Auditor. RIAR recommends conducting a state-by-state analysis of real estate transfer taxes prior to implementing any new policy changes.The Town of Breckenridge Real Estate Transfer Tax (RETT) is a tax imposed on all transfers of property located within the Town of Breckenridge, unless specifically exempted by the Breckenridge Town Code.RIAR supports H 5953, which would create a special legislative commission to study the Rhode Island Low- and Moderate-Income Housing Act.RIAR supports H 5950, which would create a legislative commission to study all aspects of land use, preservation, development, production, regulation, zoning, housing and the environment.Opponents of local reforms embrace suburban sprawl, which limits the number of students enrolled in a jurisdiction’s school system, thereby reducing budget costs, Unlike dense zoning, suburban sprawl effectuates higher housing costs.Municipalities must make difficult choices that embrace housing reform.Our State cannot solely rely on tax increases to address Rhode Island’s housing crisis. The Governor’s budget proposal would allocate less than seven percent of the current revenue generated for housing initiatives.Ī Holistic Approach to Housing is Crucial.A recent poll conducted by RIAR revealed that six in ten Rhode Islanders say they favor using all revenue generated from the State’s real estate conveyance tax to fund housing programs.Rhode Island only spends 13 percent of the current real estate conveyance tax on housing initiatives.Rhode Islanders Support Using Current Transfer Tax Revenue to Fund Affordable Housing Please let your Representatives and Senators Know: RIAR believes that these critical investments in our future will lessen borrowing costs for future generations to pay for, while addressing Rhode Island’s housing crisis. That is why the Rhode Island Association of REALTORS® (RIAR) strongly supports H 5456 and S 229, which would require the State of Rhode Island to fund affordable housing projects using the full state allocation. The Housing Resources Commission (HRC), which is responsible for steering the State’s planning, policy, and programs relative to housing issues, is ONLY allocated $.30 or 13 percent of the tax. Moreover, the State’s coffers reap $.60 or 26 percent of the tax and the distressed community relief program is allocated $.30 of the tax or 13 percent. Rhode Island’s real estate conveyance tax is currently $2.30 per $500 of the transaction’s sale price, with the host municipality retaining $1.10 of the tax or 48 percent. In this year’s budget proposal, doubling the real estate transfer tax would be imposed only on homes that sell for more than $700,000. During the last two legislative sessions, the Governor has proposed doubling the transfer tax on certain properties based on the sale price and using the new revenue to fund affordable housing. Rhode Island imposes a transfer tax on Rhode Islanders who sell real property. H 5687 and S 365 would double the real estate conveyance tax on property sold above $700,000 and require the State to use the new revenue to fund housing initiatives. H 5456 and S 229 would require the State of Rhode Island to utilize the portion of the real estate conveyance tax for housing initiatives previously used for state spending. Sponsored by Senators Kallman, Murray, Goodwin, Cano, Ruggerio, Euer, Acosta Legislative Explanation Sponsored by Representatives Speakman, Alzate, Williams, Potter, Kislak oppose: Senate Bill: s 365 Sponsored by Senators DiPalma, Picard, Burke oppose: House Bill: H 5687 Sponsored by Representative Slater support: Senate Bill: s 229
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