Real estate transfer tax: A blessing or a burden?

To the editor: I am a Realtor; serving this community for more than 20 years. It is my opinion that the real estate transfer tax will have a negative impact on the real estate industry in Warwick. Buyers could find a home in any other town in Orange County and not have to pay this expensive non-essential transfer tax. Buyers will start to negotiate closing costs and bring lower offers to the bargaining table. Sellers may need to reduce their asking price and face longer marketing time. The transfer tax is non-essential and will further disfranchise the hard working middle class from buying real estate in Warwick. I spoke to Anne Garti, C.E.O. of Orange County Association of Realtors; Ms. Garti has allowed me to put her quote in this letter: “While the Association is in support of the land preservation objectives of the legislation, the Association feels that reliance upon a real estate transfer tax is poor public policy. For example, the narrow base of transfer taxes places a financial burden on a small segment of the population for programs that benefit the entire community. Transfer taxes are a disincentive for commercial interests to invest in the community and they particularly reduce the ability of first-time buyers to purchase by pushing New York’s notoriously high closing costs even higher.” Realtors, this concerns your livelihood, so plan on attending Supervisor Mike Sweeton’s Realtor meeting, May 1, at 1 p.m. at Town Hall. Realtors from Long Island will be there and other representatives, who all favor this proposal. The real estate market of the Hamptons is very different than Warwick’s. They shouldn’t be compared. This proposition will be on the ballot, Election Day, Nov. 7. Thank you. Anthony Portelli Warwick