A.D. Cantelmo Property Management
Our Business is Property Management in Orange County California
C.A.R. victorious in beating back mortgage tax
President Obama today signed H.R. 22, the Surface Transportation Reauthorization and Reform Act of 2015, which does NOT
include an extension of the higher guarantee-fees set to expire in
2021. The bill funds several highway and transit-related projects, with
monies coming from a variety of sources. While the Senate version of
the long-term transportation bill included this “mortgage tax” to pay
for transportation infrastructure, the final version does not. This is a
HUGE win for REALTORS® and their clients.
In November, the House of Representatives approved a
long-term-transportation bill with an amendment to exclude the tax.
C.A.R. and the NATIONAL ASSOCIATION OF REALTORS® vigorously opposed the
“add-on” fee for all new conforming mortgages in order to pay for
transportation infrastructure. This "g-fee," which was a disguised tax
on home buyers, would have cost average California home buyers more than
$8,100 over the life of their mortgage on a new home purchase or
refinance.
A.D. Cantelmo Property
Management Specializes in Property Management in Orange County
Ca.