9/15/08

PROPOSITION 100

Dear Friends,

Please take a few minutes to download and read the attached flyer regarding Proposition 100. It is an important issue that will affect the financial future of every homeowner in Arizona.

On November 4th there will be an item on the ballot entitled Proposition 100. This is a Protect Our Homes initiative. A YES vote would prevent Arizona's state or local governments from EVER targeting our homes or property with a real estate transfer tax. By voting YES, you are approving a citizens' initiative that will amend the Arizona Constitution and provide the best protection we can have against a double tax on our homes.

Currently, we do not have a transfer tax, however, there is nothing prohibiting the government from enacting one at any time. Thirty-six of the 50 states have some sort of transfer tax. Typically, governments look to add this tax when they are trying to increase revenue. There is serious concern about this happening here in Arizona due to the current state of the economy.

Transfer taxes ordinarily apply to any transfer of title, including such transfers as:
• Sale from one person to another
• Transfer of title from one family member to another
• Transfer of title to a trust

When you cast your YES vote on Prop 100, remember that voting YES will actually mean NO to:
• Double taxation on our homes and property
• Reducing the equity in our homes and property
• Hurting lower income families through increased purchasing costs
• Slowing down even further a real estate market that is already negatively impacting many Arizona families. (The good news is that home sales have been up since June!)
• Punishing homeowners by damaging the most important investment that many of us will ever make in our lifetime and the "nest egg" of our future and our children's future.

Please help spread the word about Prop 100.

Feel free to contact me if you have any questions.

Warmest Regards,
Pook

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