Savings Taxes Debt QA5

Q: Just a thought, my family and I moved here from Yonkers, NY where there is a transfer tax imposed on sale of homes could something similar happen? Let's be realist here if we build a state of the art high tech building everyone's home value will increase as there will be greater demand to move in. So impose say a 1.5% school tax on the sale of private home and 3% school tax of the sale of commercial properties larger than 2 units, Developers should not reap the rewards of the hard work the town's people are putting into this project. Not saying this will be a solution to the large debt this town is going to undertake, but possibly some financial assistance. 10-27

A: There are no plans to enact any tax of this type. State law does not allow the imposition of a tax on sales of properties to fund schools. Our current plans call for using only the existing revenue streams to facilitate the building of a new school.

Return to FAQ List