Nevada Rejects Effort To Collect Real Property Transfer Taxes From GSEs

Posted by Orb Staff on August 21, 2012 No Comments
Categories : Residential Mortgage

12233_dollars2 Nevada Rejects Effort To Collect Real Property Transfer Taxes From GSEs The Nevada Tax Commission has rejected a call to force Fannie Mae and Freddie Mac to pay the state Real Property Transfer Taxes on mortgages.

The Las Vegas Review-Journal reports that Nevada Treasurer Kate Marshall sought to force the government-sponsored enterprises (GSEs) to pay a tax of $5.10 for each $500 in property value in the state's Clark County. Half of that tax revenue would have returned to the state.

However, Tax Commission Chairman Robert Barengo, speaking for the majority on the commission, warned that the ‘law is unsettled’ on whether the GSEs can be taxed. Barengo added that Nevada will wait until court cases in other states offer a clear directive on the subject.

Marshall reacted to the news glumly, noting that money that is not collected in tax revenue was ‘going back to Freddie and Fannie in Washington, D.C.’

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