A Tax on Minnesota Real Estate Services?

Filed in Minnesota Real Estate by on 0 Comments

Both the House and Senate Tax Committees are considering various tax “reforms” and the notion of taxing services received is getting serious attention.

Bad idea! This idea should be of grave concern to real estate agents and to anyone who is buying or selling property.  It should also be of concern to all service professionals.  Here’s why:

  • The taxing of Minnesota real estate services would have a massive accumulative effect because there are so many different services involved in every transaction.
  • Minnesota real estate transactions are already taxed by deed and registry taxes
  • Anything that would make housing less affordable during this housing slump is simply not smart.
  • Other service industries are struggling right now, and a tax would have an adverse ripple effect on thousands of Minnesota businesses.
  • South Dakota is already looking good to businesses in our state that feel that they are already paying an untoward amount of taxes.

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