Real Estate Transfer Tax
Real Estate Transfer Taxes are taxes that are paid when a property is sold. It can be a percentage of the sales price or a set fee. Jurisdictions can then setaside the funds generated from the REET to fund affordable housing. Building a local fund to support affordable housing development can be an especially useful tool in "hot" or high-cost areas. Such funds are usually administered by, or under the direction of, the local jurisdiction as a revolving loan fund (RLF) to be accessed by affordable housing developers.
Policy Link
http://www.policylink.org/EDTK/RETT/
Federation of Tax Administrators
http://www.taxadmin.org/fta/rate/B-0306.pdf
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