Today at 1:30 pm during the House Consumer and Public Affairs Committee, your voice is needed to OPPOSE House Bill 158 Real Estate Transfer Tax. 

NMAR is OPPOSED to transfer taxes on the sale of real property at any level. 

Some of our arguments against this bill:

• Real estate transfer taxes are discriminatory because they are assessed against one type of asset -- real estate – while similar taxes are rarely applied to financial assets, such as stocks and bonds.
• The narrow base of property transfer taxes places a larger burden on a small share of the population relative to broader based taxes.
• Property owners already pay property taxes; a transfer tax is an unfair additional tax.
• Transfer taxes are more volatile than apparent.
• Increased closing costs on the transfer of existing residential property are likely to reduce the ability of new and current homebuyers to purchase a home.
• While your bill applies only for real property sold at $500,000 and above, once initiated the flood gates would be opened to lower the price threshold resulting in a very regressive tax.
• The switch and bait aspects of the bill—eliminating taxes on Social Security for retirees but then having to pay a transfer tax—defeats the purpose of luring such retirees to Santa Fe and New Mexico.

House Bill 158:  https://www.nmlegis.gov/Sessions/22%20Regular/bills/house/HB0158.pdf

How to Join the House Consumer and Public Affairs Committee Meeting

1. Click on this link and launch the Zoom meeting: https://us02web.zoom.us/j/82353539692

You will be asked to enter your email address and name. Please enter your full name, as this is the name that the Zoom master will use to call on you to speak. Please note that you will not have camera or mute/microphone functionality, this is normal.

Also, please make sure you have the latest version of Zoom in advance of the meeting because older versions of Zoom do not support the format of these meetings and will prevent you from providing your comments.

2. If the Chair runs a poll, a screen will pop up and ask you if you are in favor of the bill – click “no” and then the blue submit button.

3. When the Chair asks for those who wish to speak in opposition to the bill, click the “Raise Hand” icon at the bottom, center of your screen, and wait for your name to be called.

4. When the Zoom master calls your name, a screen will pop up and you must click the blue “Unmute” button to start speaking. If you have clicked the “Unmute” button, you do not have to ask if they can hear you.

5. When your time is up, or when you have concluded speaking, whichever is first, the Zoom master should re-mute you; and, the next person will be called upon. 

Please note that Zoom masters have accidentally failed to re-mute people, so it is safest to leave the Zoom meeting after your testimony and watch the remainder of the hearing on the webcast.