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Kingston advisory board reviews April transfer-tax receipts, seeks exemption details
Summary
At a Kingston Preservation Advisory Board meeting, staff presented April real-estate transfer-tax receipts and the board directed follow-up on exemptions and a possible state-level change that would base the tax on municipal median sales price rather than the county figure.
Julie, a staff member who delivered the board's monthly finance update, told the Kingston Preservation Advisory Board that the city's April real-estate activity generated $11,795,009.06 in total recorded sales and 59 recorded transfers. "Of that, there were 59 total transfers across the city," she said, and added that 48 of those transfers were listed as exempt and 11 paid the real-estate transfer tax.
Julie said 18.64% of April transactions were subject to the tax, the average taxable transaction was $1,416.51, and the city collected about $15,005.81 in transfer-tax revenue for the month. She also reported $53,009.71 in total transfer-tax revenue to date and noted the…
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