Real Estate Transfer Tax Calculator
Real estate transfer tax can be levied by the state, county or municipality that the property is in. |
Sponsored Links :
|
This tax has to be paid when the ownership is being transferred from buyer to the seller. The amount of transfer tax to be paid can be relative small to a quite a large sum. For instance, the real estate transfer tax in Colorado is around 0.01 percent, while in Pittsburgh it is whopping 4 percent.
Different states, counties and municipalities have different laws regarding real estate transfer tax. Therefore, the amount of tax to be paid can vary from one area to the next. Some states in the US exempt transfer tax for certain buyers depending on whether the buyer's income level and buying status. For example, first time buyers in Maryland are exempt from a certain percentage of the total tax due, or a part of the sales price of the property is completely exempt from taxation.
Nearly all the states in the US and the District of Columbia have real estate transfer tax. However, there are 13 states that do not have transfer tax. These states are Alaska, Arizona, Idaho, Indiana, Louisiana, Mississippi, Missouri, Montana, New Mexico, North Dakota, Oregon, Texas and Utah.
Depending on the law of the state, the transfer tax may have to be shared between the buyer and the seller, or just the buyer may have to bear the burden. However, there are some states that do not mention who pays the transfer tax. In this case, an agreement would have to be reached between the buyer and seller.
If you are interested in calculating the real estate transfer tax, what you should be looking for is a transfer tax calculator. You can check online resources as many counties and municipalities have provided real estate transfer tax calculator on their websites. All you need to do is feed in the price of the property, and you will get an estimate of the transfer tax. Even some real estate agents provide real estate transfer tax calculator on their websites.
More Articles :
|
