Nevada Tax Department Mulls Transfer Tax Rules

By: AP Email
By: AP Email

CARSON CITY, Nev. (AP) - Nevada's tax chief says his agency is
considering how to proceed after a federal court in Michigan ruled
that mortgage giants Fannie Mae and Freddie Mac are not exempt from paying transfer taxes when selling homes.

State Treasurer Kate Marshal says dropping the tax exemption in
Nevada it could bring in $5 million a year for the state and schools.

The Las Vegas Sun reports Tax Department Director William Chisel says his agency is reviewing the federal court decision in Michigan.

Fannie and Freddie were created by Congress in 1938 and 1970 to
back residential mortgages. Their exemption from Nevada's real
property tax was confirmed in 2008 in a memo issued by the state
tax agency after a request for clarification from the Lyon County
recorder's office.

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