Gov Brown Proposing Constitutional Amendment to Allow RE Transfer Tax

Governor Kate Brown is proposing an amendment to the Oregon Constitution that would establish a real estate transfer tax to fund affordable housing statewide. Measure 79, which was passed in 2012, prohibits such a tax – if the state legislature approves Brown’s new bill, it will go to voters in the next election. While there are not many details yet on the tax structure or how much money the Governor hopes to raise, OPB reports that the first $500,000 of a property’s value would be exempt. Read more.