The Medford City Council's proposal to add a  sales tax on real estate transactions in Medford, MA is a growing concern for residents. These policies not only burden owners with additional financial strain but also deter potential buyers, negatively impacting the local housing market. It will stop the builders of housing, eliminating jobs.   It will increase the cost of housing in a market that is already beyond reach for many.  It will increase rents and limit inventory.    It will bury the commercial property owner deeper than they already are in this post pandemic era.   This has serious implications for Medford's economic health and individual financial stability.

Please join us in urging them to  say NO to real estate sales tax and overreaching regulations on real estate in Medford, MA. Sign this petition today!

Here are some great talking points on reasons why a sales tax on real estate is so harmful to the Medford Community-

- Medford has not lived up to its intention with the 1.5% CPA tax imposed on all Medford property.  You paid it- but they only put 8% From 2017-2024 towards housing needs- looks like quite a bit to attorneys at that.  The state mandates 10% and the city could put 80% towards housing.  An additional CPA adjustment would equally share the burden. 

- No matter how well-intentioned, transfer taxes would increase the bottom-line price of many homes and commercial buildings by thousands of dollars.

- Singles out sellers over a certain price to subject them to this new tax only further exemplifies the inequitable nature of this taxing scheme

-A community wide responsibility such as affordable housing should be paid for by the entire community. The proposed tax scheme is inequitable and discriminatory as it would single out a small segment of the population, specifically buyers and sellers, to pay for a community-wide need/responsibility.

- The tax would subvert the voter approval process inherent in a Proposition 2½ override in which voters can decide for themselves whether to increase their own property taxes.

-Payment of a sales tax can’t be financed. Such a tax would cost thousands of dollars due at closing from the buyer and the seller. Average sale in Medford would equate to $18,000 if this sales tax in passed.

- The tax is exclusionary because it would increase the cost of property ownership and in effect create an additional barrier economic development. 

- Medford spends plenty of taxpayer dollars to hold up 40B projects in the courts which would create the affordable housing they seek. 

-Transfer taxes will stunt housing development, effects on the office market will be4 more severe, especially as companies adapt to post pandemic Hybrid work realities. This results in a Loss of jobs in many Industries. 

- Developers will move to do their future business in areas of the country with fewer restrictions such as Austin and other cities that make it easy to do business with. This results in a Loss of jobs across the board. 

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  - Zoning reform is key to speeding up the development process and lowering startup costs, especially as high interest rates persist.

DO NOT DONATE- THE $ DOES NOT GO TO US OR HELP US- JUST SIGN AND SHARE TO EVERYONE YOU KNOW.