NEWS

Fri, Jun 26

New Hampshire Legislature Won’t Expand RETT to Mortgage Refinancing

This week the New Hampshire State Senate and House of Representatives narrowly supported a state budget that does not include a tax on mortgage refinancing. As New Hampshire, like many other states, tries to close a massive budget deficit, one of the ideas suggested by some elected officials was to expand the existing 1.5% real estate transfer tax to include mortgage refinancing. Currently, New Hampshire has the highest uniform real estate transfer tax rate of any state in the country. Opponents of the measure claim that asking a homeowner who is already struggling to pay his or her mortgage to pay several hundred additional dollars in refinancing closing costs is unfair as well as being counterproductive to the efforts being made by Congress, the Administration and the U.S. Treasury have taken to get the economy moving. The only groups who lobbied against this onerous legislation were the New Hampshire Association of REALTORS® and the New Hampshire Mortgage Bankers and Brokers Association.

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