Freddie Mac and Fannie Mae Exempt from Real Estate Transfer Tax
In DeKalb County v. Federal Housing Finance Agency, the Seventh Circuit Court of Appeals ruled that the states of Illinois and Wisconsin, and their county governments, cannot impose a real estate transfer tax on the sale of foreclosed properties by Fannie Mae and Freddie Mac. The court held that the federal statutory exemption from all taxation except taxes on real property applied in this case because the real estate transfer tax was not a real property tax, but a transfer tax.
Post Authored by Julie Tappendorf, Ancel Glink
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