Senator proposes end to taxing real estate transfers
POSTED: Tuesday, March 1, 2011 - 4:52pm
UPDATED: Tuesday, March 1, 2011 - 4:52pm
BATON ROUGE, La (NBC33) -- Louisiana homeowners are being taxed twice, and Senator Eric LaFleur is spearheading an effort to stop it.
He announced on March 1 that he planned to propose an amendment to the state constitution that would do away with taxing the sale or transfer of real estate in the state.
"A real estate transfer tax is effectively taxing Louisiana homeowners or property owners twice. Louisiana property owners already pay annual taxes on the value of their property both personal and business," stated Senator LaFleur. "I think that it is fundamentally unfair to hit property owners again at the time that they choose to sell their property or transfer it to a loved one."
Thirty-five states and the District of Columbia impose a fee or tax upon the sale or transfer of real estate; New Orleans is the only local governing authority in Louisiana that imposes a transfer fee.
"The constitutional amendment that I am proposing would prohibit all other real estate transfer taxes or fees throughout Louisiana except for New Orleans," said Senator LaFleur.
Louisiana voters will still have to vote on the proposal if it passes both the House and the Senate.