Sounds great but how do you make up the lost revenue? Our neighbors to the south don’t have a State Income Tax. Homeowners in Texas have property taxes that are 2 to 3 times higher than their neighbors to the north. So how would that effect Realtors?
Here’s a few things to think about. Buyers wouldn’t be able to buy as much house if their taxes went up 200 to 500 dollars a month. For most first time buyers that’s their student loan payment. Could landlords (our investors) raise the rent enough to cover their cost and still keep good tenants? Would we still remain the best state for retired military to move to?
I’m not saying don’t eliminate Oklahoma’s Income Tax. I’m just saying raising property taxes to not have a state income tax probably isn’t the best thing for a person who’s livelihood is involved in a Real Estate transaction.
Something that I’ve just been thinking about.
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