28 September 2022

Transfer Tax

A transfer tax is a tax charged by a state or local government to complete a sale of property from one owner (seller) to another (buyer). Transfer tax is a transaction fee charged upon the transfer of a property’s title.

It is imposed by the state, county, and municipal authority where the transaction is taking place and is based on the property’s value and classification. Typically, the seller is responsible for paying real estate transfer tax, unless otherwise agreed upon during the transaction.