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Here are a few recent bills that directly impact the real estate business. Please refer to these guides to help you learn about the new legislation and how to implement the changes. For more information on Oregon Association of REALTORS® legislation issues contact the Government Affairs team at email@example.com.
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Real Estate Transfer Taxes – January 29, 2020
Additional taxes imposed on current and future homeowners will only make our housing crisis worse and will further drive the dream of homeownership out of reach for Oregonians. OAR has been supportive of numerous affordable housing funding mechanisms, including a document recording fee. OAR will continue to support general fund and bonding requests for affordable housing preservation and construction. In addition, OAR’s HOME Foundation will continue to build on the over $1.7 million donated to organizations that create, expand, and encourage homeownership opportunities for Oregonians at or below local median income.
Why did Realtors® support the passage of Measure 79?
Voting “YES” on Measure 79 stopped governments from being able to impose real estate transfer taxes on homes. These taxes are an additional tax that is charged each and every time property is sold or transferred. Voting “YES” is the only way to truly ensure that governments will not impose double taxes on homes.
Senate Bill 608
SB 608 ends no-cause evictions and limits annual rent increases to 7% + CPI after the first year of occupancy. It was signed by the Governor and took effect on February 28, 2019. OAR opposed the bill, but it sailed through both Chambers with no opportunity to amend and only perfunctory hearings. One of the most challenging parts of the law for REALTORS® and prospective homeowners is the requirement that a tenant be given 90 days’ notice when a home is sold to a buyer who intends to occupy as a primary residence. For your reference, please see summary below.
House Bill 3427
It was inevitable that some large business tax increase would pass in the 2019 legislative session to fund the priorities of the Joint Committee on Student Success, which crisscrossed the state in 2018 talking with students, teachers and parents about needed investments to boost Oregon’s high school graduation rates. Legislators landed on a $1 billion per year ($2 billion per budget cycle) package that included a tax of .57% on business gross receipts over $1M, with a 35% deduction for either labor costs or cost of goods sold. The package also included minor reductions in personal income taxes. Facing the reality that a new business tax would pass, OAR worked with key legislators to ensure that only the value of commissions (not value of home sales) would be taxed and that REALTOR® commissions would only be taxed at the REALTOR® level rather than at the brokerage level or at both levels. As a result, the tax will only apply to REALTORS® who have more than $1M in commissions and to brokerages that have more than $1M in revenues after distributing broker commissions. For your reference, please see Fact Sheet below.