| A real estate transfer tax is a one-time tax paid at the | | | | .01% in Colorado to a high of 1.28% in Washington |
| closing of a property, and is considered a stream of | | | | state.Variations on transfer taxes include; in Arizona |
| revenue for state budgets. This transfer tax though, | | | | only charges a tax on deeds. However Alabama and |
| once collected is not generally used for housing-related | | | | Florida charge on deeds and mortgages. To avoid |
| purposes. The tax is based on the value of a property | | | | financial surprises, inquire early as to who pays (buyer |
| as agreed to by the parties in a real estate contract.In | | | | or seller) and how much transfer taxes will be. Some |
| the excitement of selling or buying a home, often the | | | | states dictate who pays the tax, and some just want |
| real estate transfer tax cost is overlooked. Depending | | | | the tax paid. This cost can typically be negotiated |
| on locale, either the buyer or seller pays the tax at | | | | between the parties. Consult an experienced real |
| closing or escrow, but beware in New Hampshire both | | | | estate attorney.A handy online link for transfer taxes |
| the buyer and seller pay, half of 1.5%!. In some states it | | | | for all fifty states. Resource Center/Realty Transfer |
| can be a formidable amount, you should be prepared | | | | Tax/Transfer tax chart.pdfMark Nash, is a residential |
| for what the transfer taxes will be, and who pays | | | | real estate author, broker, columnist and writer based |
| them, before you start a home search or list your | | | | in Chicago. His fourth book 1001 Tips for Buying and |
| home for-sale.The good news is, thirteen states don't | | | | Selling a Home received eighteen five star reviews on |
| have a real estate property tax. They are: Alaska, | | | | His latest book; Real Estate A-Z for Buying & Selling a |
| Idaho, Indiana, Louisiana, Mississippi, Missouri, Montana, | | | | Home will be published in December 2006. Mark |
| New Mexico, North Dakota, Oregon, Texas, Utah, and | | | | publishes a free monthly ezine for real estate |
| Wyoming.The bad news is that the remaining | | | | professionals. Agent to Agent features ten articles that |
| thirty-seven states and The District of Columbia | | | | offer free reprints for agents, home buyers and sellers |
| charge taxes on the transfer of a property. The tax is | | | | through . Real estate news and book reviews, |
| only levied once when a property is exchanged | | | | Celebrity Homestyles, Home selling and buying tips and |
| between parties, unlike general property taxes which | | | | advice, Joke-of-the-Month, Help this Agent, and agent |
| are paid annually and are based on the assessed | | | | marketing tips. Over 5000 subscribers in the U.S. & |
| value. Real estate transfer taxes range from a low of | | | | Canada. |