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A possible new tax on real estate transactions has real estate agents gearing up for a big-time political fight.
A blue-ribbon commission appointed by Gov. Janet Napolitano will soon release a set of tax reform recommendations including some increases for the governor's perusal.
One possible tax hike could be a new tax on commercial and residential real estate sales. Thirty-seven states have such a levy, which essentially serves as a sales tax on home sales and commercial building acquisitions. The taxes in others states range from 0.01 percent to 2 percent of the sale price, according to a report on the tax prepared for Napolitano's Citizens Finance Review Commission.
The Arizona Leadership Institute - a Tucson-based education advocacy group - supports a new real estate tax as part of an overall tax package that boosts revenue so the state can spend more on schools...