Transfer tax
A state or local tax that a buyer or seller has to pay when property changes ownership.
The seller usually has to pay the transfer tax, which is paid on the closing date. The rules on how it is calculated vary from state to state, but usually it is based on the property's purchase price.
Some cities will also add a tax on top of the transfer tax.
The seller usually has to pay the transfer tax, which is paid on the closing date. The rules on how it is calculated vary from state to state, but usually it is based on the property's purchase price.
Some cities will also add a tax on top of the transfer tax.
Labels: local tax, state, Transfer tax
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