Agenda - 02-19-2008-6b - Laserfiche WebLink

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Orange County Tax Survey, 2008 Preliminary Topline Report 14 February 2008 1? Q3. Another proposal is for a land transfer tax, where sellers would pay four-tenths of 1% on the price of real estate, at the time of sale. For instance, when selling a $200,000 home, the SELLER would pay a tax of $800 at the time of sale. It's estimated that this tax would raise $4 million in the first full year, and COULD keep property taxes below what they would be otherwise. If this were placed on the ballot, how would you vote on a four-tenths of 1% land transfer tax, paid by the seller? (PROMPT IF NEEDED:) Would you vote "yes" or "no"? [FOLLOW-UP FOR "NOT SURE"]: Q3A. Would you say you lean more toward voting "yes," or toward voting "no," on the land transfer tax proposal, or are you really not sure? COMBINED RESPONSES: I . Yes ................. ..............................................................................................125(31%) 2. Lean Yes ........ .................................................................................................. 6 (2%) 3. Really not sure ...............................................................................................55 (14%) 4. Lean No .......... ................................................................................................10 (3%) 5. No .................. ..............................................................................................199 (50%) 6. NA/Refused ... ..................................................................................................2 (1%) Q4. What would your reasons be for voting "no" on the land transfer tax? (DO NOT READ LIST; SELECT ALL THAT APPLY) [Percentages are of 209 "No" and "Leaning No" responses] 1. Cost to taxpayers / Taxes are too high already ............................................... 58(28%) 2. Housing prices are already too high ............................................................... 28(13%) 3. Housing market is bad ....................................................................................10 (5%) 4. Don't want to pay that much when I sell a home ...........................................26 (12%) 5. Don't believe the funds will be spent wisely ....................................................7 (3%) 6. General uncertainty of the economy/recession ................................................. 6 (3%) 7. Other verbatim responses to be coded and counted ................................. 92(44%) [Note: Several verbatim respondents say they believe a land-transfer tax should be paid by the buyer, rather than the seller. The number saying so will be set forth in the final report.] Q5. Under North Carolina law, even if the voters pass both of these tax proposals, the County could levy only one: EITHER the sales tax increase, OR the land transfer tax, BUT NOT BOTH. Regardless of how you would vote on these proposals, if you HAD to choose between them, which one would you rather see enacted-the one-quarter of 1 % sales tax increase on non-food items, OR the four-tenths of I% land transfer tax paid by sellers of real estate? 1. Sales tax ........................................................................................................188 (47%) 2. Land transfer tax ............:..............................................................................168 (42%) 3. No real preference/DK/Not Sure .................................................................... 33 (8%) 4. Refused to select either/NA .............................................................................. 8 (2%) Prepared by Hertzog Research, LLC -3-