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Committee told property-transfer receipts exceed early expectations; staff to map where gains came from
Summary
During a Ways & Means Q&A, staff reported property transfer tax receipts appear higher than initial projections; members pressed for granular analysis of whether gains reflect price changes, high-end transactions or second‑home activity and asked staff to map geographic and value concentration for the July forecast.
Tom Kivett, staff member, told the Ways & Means Committee that early accounting shows property transfer tax receipts higher than projected and that staff are still digging into the cause.
When a member noted a "42% increase from FY24," Kivett answered that some of the increase appears to be new revenue from the tax but cautioned the series is short and the data are still being validated. "Well, it's too early to know…
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