Fannie, Freddie Must Pay Real Estate Taxes, 7th Circ. Hears

Law360, Chicago (December 12, 2013, 5:01 PM ET) -- Two counties in Wisconsin and Illinois urged the Seventh Circuit on Thursday to overturn rulings that Fannie Mae and Freddie Mac are exempt from state real estate transfer taxes, claiming the exemption undermines state sovereignty under the U.S. Constitution.

DeKalb County, Ill., and Milwaukee County, Wis., argued during an appeals hearing in Chicago that district courts in their respective states erred in finding that the federally backed corporations’ charters immunized them from “all taxation,” including the excise taxes at issue, which are assessed when a property...
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