March 6, 2023
Act Now Against a Proposed Increase in Real Property Transfer Tax (RPTT)
Attention all REALTORS® and Homeowners,
SB 68 is being heard Tuesday, March 7, at 1 p.m. in the Senate Committee on Revenue and Economic Development. We need you! SB 68 would increase the Real Property Transfer Tax (RPTT) by $0.40 per $1,000. This bill would use the new revenue to create a fund to be used for certain purposes relating to very low-income housing, supportive housing, and supportive services.
We need members to appear either in Carson City, or in Las Vegas to voice your opposition and concern for the proposal. You also may phone in your opposition.
Nevada REALTORS® opposes this measure for several reasons:
- The RPTT is a sales tax on the purchase of a home.
- It is regressive as it hits those who can least afford it the hardest.
- Any increase in the RPTT has a direct and immediate impact on the ability of first-time homebuyers, and growing families who are attempting to purchase a home.
- The tax MUST be paid IN CASH at time of closing and cannot be financed into a mortgage.
- The tax also puts a huge burden on those who can least afford it.
The proponents will argue that the increase is minimal, but for a homebuyer in Clark County, the proposal would increase the tax to $5.50 per $1,000, which is the highest in the state. When state and local policymakers are attempting to create more affordable housing options, this measure will simply put housing further out of reach to those who need it the most.
You may read the measure here!
We need you to participate in the hearing. The hearing in Carson City is in Room 2149 of the Nevada Legislative Building or you may participate in person in Las Vegas at the Grant Sayer Building in Room 4412. The Legislature now permits the general public to phone in their testimony. However, time is limited, and you may or may not be able to register your opposition.
Again, it is IMPERATIVE that you voice your OPPOSITION and your concerns with SB 68.
When: Tuesday, March 7, 2023 - 1:00 pm
In Front of: Senate Revenue and Economic Development Committee
Where: Nevada State Legislature
401 S Carson Street
Carson City, NV
Grant Sawyer Building
555 E Washington Street
Las Vegas, NV
By Telephone: Call (888) 475-4499, when prompted, provide Meeting ID: 81171684938, and then press #. When prompted for a Participant ID, press # and follow the instructions.