Real estate transfer tax

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. Total transfer taxes range from very small (for example, .01% in Colorado) to relatively large (2.2% in the District of Columbia). [ [http://www.taxadmin.org/fta/rate/B-0306.pdf Transfer tax rates, by state, from the Federation of Tax Administrators] ]

Some 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 (e.g. Maryland exempts certain "first time buyers" from a percentage of the total [ [http://www.dat.state.md.us/sdatweb/transfer.html Maryland transfer rates, by county] )] 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. Prior to buying or selling, it is advisable to check with the Recorder of Deeds, a Realtor, or title company to confirm a specific jurisdiction's practices.

ee also

*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

References


Wikimedia Foundation. 2010.

Игры ⚽ Нужно решить контрольную?

Look at other dictionaries:

  • Transfer tax — A transfer tax is a tax on the passing of title to property from one person (or entity) to another.In a narrow legal sense, a transfer tax is essentially a transaction fee imposed on the transfer of title to property. This kind of tax is… …   Wikipedia

  • Real estate — Property lawReal estate is a legal term (in some jurisdictions, notably in the USA, United Kingdom, Canada, and Australia) that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is …   Wikipedia

  • transfer tax — A tax upon the passing of the title to property or a valuable interest therein out of or from the estate of a decedent, by inheritance, devise, or bequest. See estate tax inheritance tax unified transfer tax Tax on the transfer of property,… …   Black's law dictionary

  • transfer tax — n: a tax (as a gift tax or estate tax) imposed on the transfer of property Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. transfer tax …   Law dictionary

  • Real estate appraisal — Real estate appraisal, property valuation or land valuation is the practice of developing an opinion of the value of real property, usually its Market Value. The need for appraisals arises from the heterogeneous nature of property as an… …   Wikipedia

  • Real estate economics — is the application of economic techniques to real estate markets. It tries to describe, explain, and predict patterns of prices, supply, and demand. The closely related fields of housing economics is narrower in scope, concentrating on… …   Wikipedia

  • transfer tax — noun any tax levied on the passing of title to property • Hypernyms: ↑tax, ↑taxation, ↑revenue enhancement • Hyponyms: ↑inheritance tax, ↑estate tax, ↑death tax, ↑death duty * * * …   Useful english dictionary

  • Creative real estate investing — is a term used to describe non traditional methods of buying and selling real estate. Typically, a buyer will secure financing from a lending institution and pay for the full amount of the purchase price with a combination of the borrowed funds… …   Wikipedia

  • Montenegro real estate taxes — On May 21st 2006, the majority of 55.53% voted in a referendum for Montenegro as an independent state. The Government of the country declared its intentions to join EU and NATO. Shortly after that it became a 192nd member of United Nations in… …   Wikipedia

  • Capital Transfer Tax — An inheritance tax levied in the United Kingdom on estates exceeding a certain value. The Capital Transfer Tax replaced the general estate duty in 1975, and was itself replaced by the Inheritance Tax (IHT) in 1986. The amount of tax was derived… …   Investment dictionary

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”