The whole house price boom has been artificially inflated by the fact that govt stats combine both new builds and resales. |
Home resales probably rose in July, thanks mainly to rock-bottom housing prices. |
The state sales tax is a 4 percent tax on receipts from every sale, other than sales for resales of gas, electricity, refrigeration and steam. |
While housing starts and spending on cars declined early in the year, housing resales surged more than 20 per cent in January. |
The estimates and projections for this tax expenditure can vary from year to year, reflecting the cyclicality of the housing market and its impact on the number of residence resales and in the average price of residences. |
The capital-gains tax on resales, for example, was only rarely levied in the past. |