The Money You Didn’t Know Your Agent Saving You | Columnists

GRANBURY ASSOCIATION OF REALTORS

Lisamarie Sheck is President of the Granbury Association of Realtors.

They know that your real estate agent is your professional contact who cares about your best when buying, selling or leasing real estate. But you may not know what realtors do behind the scenes that also benefit you financially.

State and local officials often seek to generate revenue by increasing existing property taxes and creating new ones. Fortunately, brokers were the driving force behind foiling dozen of these proposals. How much money did this effort save you?

TAXES ON PROPERTY TRANSFER

Currently, people in 37 states pay transfer taxes every time a property changes hands. Not in Texas.

Brokers have helped overcome several of these measures over the years. In some states, transfer taxes are up to 3% of the property purchase price. Even a 1% transfer tax on the mid-price Texas home would add up to $ 3,000 – money that can’t be used for a down payment or home furnishings or other expenses. For some Texans, buying a home is completely out of reach.

REAL ESTATE TRANSFER FEES

Brokers were also behind efforts to pay most of the private transfer fees in Texas. This practice allowed the owner of a property to collect a fee from all future buyers, even if that person no longer owned the property. A private transfer fee could add an additional $ 3,000 or more to a real estate transaction.

SALES TAXES ON CHARGES AND COMMISSIONS

If it were up to some elected officials, you would also be paying sales tax on real estate agent commissions and fees. That equates to hundreds or thousands of additional taxes – taxes that don’t exist due to the efforts of realtors in the Lone Star State.

EVEN HIGHER LAND TAX

It may be hard to believe, but your property tax bill could be a lot higher. For decades, real estate agents have lined up legislative victories in the battle against rising property taxes. These efforts include tax cuts, the expansion of savings exemptions, and rules that prevent tax authorities from increasing tax rates without taxpayers’ consent. In fact, these measures are a big reason why Texas property taxes, while high, are still lower than some states that also have state income taxes.

And realtors will continue to work for you – to keep property taxes as fair, transparent and as low as possible.

To learn more about property taxes, visit knowyourtaxes.org online or contact one of the local real estate agents. The Granbury Association of Realtors has a full listing of local realtors and their contact information at www.granburyRealtors.com

[email protected] | 682-260-1638

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