N.C. Association Of Realtors Opposes Land Transfer Tax

One of the state's most powerful lobbying groups began a campaign to block legislation that would give counties the power to tax real estate sales.

The North Carolina Association of Realtors began running radio and television ads in major North Carolina media markets against the so-called "home tax." The ads counter increased interest among some legislators who are trying to find new revenue sources for infrastructure needs in growing areas of the state.

Several bills introduced this legislative session would allow counties to assess a land transfer tax generally equal to a maximum of one percent of the value of the property, paid by the seller. The tax would have to be approved by county commissioners or by local voters through a referendum.