Real Estate Transfer Tax Calculator
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Real estate transfer tax can be levied by the state, county or municipality that the property is in. 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. More...
What Is Real Estate Transfer Tax ?
Real estate transfer tax has to be paid when residential, commercial or industrial property is being sold. The amount of tax increases as the size of the property increases. At times, the transfer tax is paid by seller, other times the buyer pays, and sometimes, the tax is shared by the two.
The amount of real estate transfer tax to be paid varies from state to state. However, there are some states in the US that do not have any laws pertaining to transfer tax. Usually the county authorities have the responsibility to collect the transfer tax, but sometimes it can be collected by the local government. In the state of North Carolina, the cities have to get special approval in order to collect the transfer tax.More...
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