I apologize I did not read all 400 + posts but how would this affect mortgages? If you were to buy a housw with this in effect would you add 23% to the price of the home or will homes be exempt?
Only new houses would be taxed, older residential property held before the implementation of the NRST, and any house up for resale after the NRST has been paid would be tax free.
The basic cost of building a new house would drop substantial as materials and service going into the construction would be tax free as business is no longer hit with federal taxes. Only final sale for use or consumption of property or services is taxable.
As far as mortgages go, the legislation provides for mechanisms to allow banks and financial institutions to create loans where any NRST would be folded into the a persons house payments.
More particular information can be found here ==>Homebuilder & buyers
As far as mortgages go, the legislation provides for mechanisms to allow banks and financial institutions to create loans where any NRST would be folded into the a persons house payments.