Ok, so the mouse saw the income tax increase coming at him full speed. What he didn’t expect was that today he would get knocked down by our Minnesota state Senate. Apparently those on the Health, Housing, and Family Security Committee did not like my post a few days back about my dislike of the proposed income tax increase. I also stated that I doubted they would try to increase property taxes as those are already maxed out.
So what brilliant idea have they come up with? Well, how about increasing the state deed tax by 50%. For those that intend on selling their homes, this could mean another large chunk of your equity is being taken by the local government. Minnesota residents are tired of higher taxes on private property. I love how they are calling SF 442 “The Housing Solutions Act”. Some solution. This $70 million dollar tax increase takes investment dollars out of the hands of hard working Minnesotans just as the real estate market is declining.
Are you tired of all this nonsense? Then now is the time to act. The Minnesota Association of Realtors is sending out a message to all Realtors to forward a plea to stop SF 442. They are also asking the public to call their local representatives and tell them enough is enough. Find out who your Senators are and give them a call. Make sure you leave them a “nice” message though!