The Orange County Land Transfer Tax is:
- The subject of a May 6th referendum - the last item on your ballot.
- A tax equal to 0.4% of the sale price of real estate, paid at closing. For example, this tax on the sale of a $250,000
house and lot (2007 Orange County median) would be $1,000. Real property transferred by gift or inheritance is exempted.
How would the tax proceeds be used?
The law does not limit how the proceeds of a transfer tax are used. The Orange County Board of Commissioners has indicated, by adopted resolution,
its intent to use these transfer tax proceeds for public school and park projects that are currently unfunded or underfunded. If Orange County voters
approve this tax and the Board of Commissioners implements it to take effect on July 1, 2008, budget estimates are that about $3.5 million
would be
generated in the first year.
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