Real estate transfer tax

Real estate transfer tax is a tax that may be imposed by states, counties, or municipalities on the privilege of transferring real property within the jurisdiction.

Rates

In the USA, total transfer taxes can range between very small (for example, .01% in Colorado) to relatively large (4% in the city of Pittsburgh).[1][2]

Some U.S. states have a variety of transfer tax laws which may include specific exemptions for certain types of buyers based on buying status or income level. For example, Maryland exempts certain "first time buyers" from a percentage of the total [3] or excludes a portion of the property's sales price from taxation altogether.

Another variation which exists is either the legal requirement to split the taxes between the parties or the local custom to do so. Thus, in Washington, DC, the 2.2% is generally split between the seller and the buyer.

gollark: GTechâ„¢ has refined this capability over several years. Although not very much.
gollark: Flight is done by using the entity sensor to sense your current look direction and whatever, and then kinetic-augmentally boosting you in that direction.
gollark: It probably has a kinetic augment, if you use it for flight.
gollark: Do you have a neural interface?
gollark: It's a thing which lets things apply velocity to themselves.

See also

Further reading

References


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