RI Tax Stamp Increase Imminent!
IF nothing changes, and you sell your home after July 1, 2014 you will pay 15% more Conveyance Tax (a.k.a Tax Stamps), and 100% of the increase will go to an account that can be spent by the Housing Resources Commission on ANYTHING.
RI's Conveyance Tax is collected every time a Rhode Island home sells. It's collected at every closing, and it doesn't matter if you made money or lost money on your home. The current tax is $4 per $1,000 of the sale price. Last Thursday (6/5/14) the House Finance Committee approved a budget increasing in the Conveyance Tax 15% from $4 per $1,000 to $4.60 per $1,000. Next week the budget goes to the the House and Senate for final approval.
That puts Rhode Island's conveyance tax at $4.60 per $1,000 compared to $4.56 per $1,000 in Massachusetts.
If you have an opinion about this increase, now is the time to click this link to send a message to your legislators to Amend Article 12 and keep the Conveyance Tax at $4 per $1,000:
Leslie Hogan, Broker / Owner, Hogan Associates, 129 Bellevue Ave., Newport, RI 02840 401-845-9513, f. 401-633-6447