Quote:
Originally Posted by Winsor_Pilates
This is horrible implementation, period.
They could have had it effective immediately to avoid a rush of purchases, but not effective on contracts already in place.
The fact that it's retroactive is insane.
People have made purchase decisions with taxes in mind and are now subject to tens of thousands, or even hundreds of thousands in extra cash expense.
Locals are getting into major problems with deals not closing now and this will effect a lot more people than the "billionaire Chinese investor" everyone is upset with.
The idea of retroactive tax amounts sets a very dangerous precident as well.
What about local buyers who are wanting to purchase their first home and decide on a presale condo?
We now have no certainly on what their closing taxes will be. Who's to say Christy won't implement a 10% transfer tax on all purchases between now and their completion date?
They have made it clear now that taxes are floating and buyers will have no certainly when making major financial decisions.
|
Yeah, sorry, I meant the immediate implementation had to be done. I don't get the retroactive tax at all.