Real Estate Transfer Tax

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.

In Europe, rates between 2% and 4% are a general rate.

In the USA, total transfer taxes can range between very small (for example, .01% in Colorado) to relatively large (4% in the city of Pittsburgh).

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 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.

 

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Texas Constitution
Code – Local Government Code
Chapter – 118 Fees Charged by County Officers
Section – 118.011 Fee Schedule

Lincoln Institute – Real Estate Transfer Tax

Napa Valley Register – Sales tax increase versus real property transfer tax or both

National Association of Realtors – Field Guide to Real Estate Transfer Taxes

CBC News – Toronto’s land transfer tax: how it works

Some of Canada’s largest companies facing Ontario land-transfer tax hit worth millions

Swampplot – MLS in Houston: Mandatory Secret Sales Price Disclosure

Philly – On Tranfer Taxes, Philadelphia’s Largest Real Estate Deals Fall Short

Philly – City tax revenue jumps

Ballotpedia – Louisiana Immovable Property Tax, Amendment 1 (2011)

Ballotpedia – Arizona Protect Our Homes, Proposition 100 (2008)

Ballotpedia – Oregon Real Estate Transfer Tax Amendment, Measure 79 (2012)

Ballotpedia – North Dakota Property Transfer Tax Ban Amendment, Measure 2 (2014)

Ballotpedia – Montana New Property Tax Elimination, CI-105 (2010)

Ballotpedia – Missouri Real Estate Taxation, Amendment 3 (2010)

Ballotpedia – San Francisco, California, Real Estate Transfer Tax Increase, Proposition W (November 2016)