Gov. Baker Suggests Bill for Real Estate Tax to Fund Climate Change Initiatives
Boston, MA - The Baker administration is currently acting to draw up a plan to protect property from any damage caused by climactic circumstances. After this years’ first actual snowstorm, Baker sought fit to gather funds to help cities and towns out with such future problems. In order to help out with climate change projects, Baker proposed a possible bill that will raise real estate tax by a so-called modest amount. Even still, there are some people questioning the motive and reasoning behind this bill: Realtors.
Governor Charlie Baker brought up the proposal this past Friday, January 18, 2019, at the Hynes Convention Center. Before his proposal, however, Lt. Gov. Karyn Polito came forward to state that the Baker administration plans to help out unregistered local aid by approximately $30 million this year. That’s when Baker came forward to state that he plans to raise approximately $1 billion over the next decade to help cities and towns with climate change problems and projects.
Amongst the projects Baker plans to use the $1 billion for are upgrading storm water projects, improving dam and flood controls, incorporating better drainage systems, and working on culvert improvements. Baker can’t wait to see what the future holds for this proposal.
While Baker has been in office, he has tried his best to stay away from raising taxes. However, now that he wants to start raising money for climate change projects, he’s going to have to raise taxes somewhere; Baker has decided to increase deeds excise tax by .2 percent. In other words, the tax will be raised on property in Massachusetts, but only when it ‘changes hands,’ which has, in turn, raised suspicions for realtors.
In the long run, raising these taxes will prove worth it, even if companies like the Massachusetts Association of Realtors disagree. In their defense, they believe that there is a need for climate sustainability; however, there is no need for only homeowners to have to pay up to support the cause.
Massachusetts will see soon enough what the outcome of this proposal is.