Real estate transfer tax
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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. Total transfer taxes range from 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.
[edit] See also
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Look up real estate transfer tax in Wiktionary, the free dictionary. |
- 1031 exchange, IRC 1031 Tax-Deferred Exchange
- Real property
- Property rights
- Real estate broker and Estate agent
- Real estate appraisal
- Real estate economics
- Real estate pricing
- Real estate trends
- Housing bubble
- List of real estate topics
- National Association of Realtors
