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4 <br /> HELENE IVEY , agreed that more revenue is needed but that additional <br /> taxes will drive people out of their homes and to other counties. She <br /> spoke in opposition of the Transfer Tax. <br /> JIM NEAL , President of the Chapel Hill Board of Realtors, stated that <br /> a home worth $98, 264 would have a tax liability of $663 . If the property <br /> were sold under the proposed 1%, the tax would total $982 . That is a 148% <br /> increase for one year. Statistics show that properties transfer every six <br /> or seven years which means that real estate taxes would be increased 10% on <br /> the low end. It is the consensus that the tax will not hurt real estate <br /> sales. The tax will be passed on from the seller to the buyer and will <br /> mean that those buying property will have to have additional monies for the <br /> down payment. <br /> BILL THORPE stated that the seller will always pass the tax on to the <br /> buyer. He feels the tax is unfair and expressed opposition to such a tax. <br /> HENRY WHITFIELD spoke in opposition of the Transfer Tax. The seller <br /> will add this tax to the cost of the house. He stated his willingness to <br /> pay additional Ad valorem taxes for the services provided by the County but <br /> asked that the County review their services if see if they are all <br /> necessary. <br /> NORMAN BLOCK , representing Thomas H. Heffner, President of the North <br /> Carolina Association of Realtors, Inc. , read a letter into the record. This <br /> letter is an attachment to these minutes on page . He stated that <br /> the tax will be paid unfairly by the people who sell their homes. The <br /> people who move within the community will be paying this tax and have no <br /> change in the level of services they receive. He encouraged the Board to <br /> restudy the Land Transfer Tax before making a decision to ask for enabling <br /> legislation. <br /> BARRY JACOBS , resident of Cheeks Township, spoke in favor of the <br /> Transfer Tax. As a matter of fairness he supported a minimum floor on the <br /> amount that would be taxed. The additional revenue would enable the County <br /> to address some of the problems caused by growth. <br /> H. B. HACKNEY spoke in opposition of the Transfer Tax. The largest <br /> investment of most people in a lifetime is a house and he doesn't feel home <br /> buyers should be penalized. The largest problem in the County at this time <br /> is controlling the traffic at the Dean Dome. He asked that the Board <br /> consider an entertainment tax instead. <br /> BEN LLOYD asked clarifying questions about leasing and assumption of <br /> loans from the seller. He stated that the tax is nothing more than an Ad <br /> valorem tax and seems discriminatory. He questioned if the tax had been <br /> tested in court. He labeled the tax unreliable and opposed the tax. <br /> WITH NO FURTHER CITIZEN COMMENTS, THE PUBLIC HEARING WAS CLOSED. <br /> D. RESOLUTIONS OR PROCLAMATIONS <br /> 1. COMMUNITY DEVELOPMENT WEEK <br /> Motion was made by Commissioner Halkiotis, seconded by <br /> Commissioner Carey to approve the resolution as stated below: <br /> PROCLAMATION <br /> APRIL 11-18, 1987 <br />