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This tax may vary by locality within the state. Some states also impose a mortgage tax, paid by the buyer through the closingĬosts. Transfer taxes are part of the normal cost of real estate deals in most states.

Texas, Utah, and Wyoming have no transfer taxes.

Indeed, New Mexico has been rated first in the country for those seeking overall tax advantages.

New Mexico does not impose a transfer tax.

Oregon has no transfer tax except in Washington County, where it is a modest 0.1%.

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Kansas has no transfer tax but does impose a mortgage registration tax of 0.1%.

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Mississippi, Missouri, and Montana are also free of transfer taxes.Idaho, Indiana, and Louisiana have no transfer taxes.California also has an instrument recording fee for any conveyance of property, presently capped at $10. The city tax can be credited against the county tax. Cities in a county that charges the tax can also have a transfer tax, at half of the county’s rate: $.275 per $500. It has no transfer tax, but has an optional county transfer tax of $0.55 per $500 of the home value. Arizona has only a flat $2 transfer fee.Other situations in which the tax does not apply. Transfers to joint tenants after one party’s death.Transfers pursuant to a divorce decree.Conveyances to children and grandchildren.Each state has itsĪmong household members may be exempt, including: In Maryland need not pay, although the seller must pay. States exempt first-time home buyers from a percentage of the total deed

Should add any transfer tax paid to the cost basis of the asset, to offset Revenue Service does not consider deed transfer taxes deductible. Parties may negotiate their portions, their agreement should appear in the In Washington, DC, the law requires theīuyer and seller to split the deed transfer tax. Transfer tax is a closing expense – traditionally the seller’s responsibility. New York has many local optional taxes that vary by county. Look for mortgage recording taxes, too, in New York City. In New York City, transfer taxes can amount to 2.625% of a property’s value.

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The New York State transfer tax rate is $2 per $500 of the home price, plus a 1% “mansion tax” for homes selling at $1 million and higher. To make it simple, imagine aĬondo in Lee County that sells for $100,000. 75%, not 1.25%, if the homeĭocumentary stamp taxes use a calculation process. Of the property value.) The buyer and seller split the tax. (If the DelawareĬounty imposes no transfer tax, the state can then impose a tax as high as 3% Plus a county transfer tax of up to 1.5% – a total of 4%.

Transfer tax at the time of this writing is 2.5% of the property’s sale price In the city of Philadelphia you’ll also pay more than 4%: 3.278% to the city plus 1% to Pennsylvania. HowĪcross the United States, the higher end of the total transfer tax can amount to more than 4.5%, taking the example of Allegheny County, PA (home of Pittsburgh). Transfer taxes can also include taxes imposed by the county or city.

Washington State uses the term real estate excise tax. Florida and Pennsylvania use the term documentary stamp tax.Ĭonveyance fee Rhode Island calls it a real estate conveyance tax. The county collects the transfer tax for the state, a stamp goes on The deed transfer tax is distinct from property taxes. Joint ownership in the entire property, the tax is calculated on half of the Is conveyed short of the entire property. It is also applied to any percentage of the property that

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It applies to a transfer of full ownershipįrom seller to buyer. Is based on the value of a given property. Transfer tax when real property changes hands. And the District of Columbia impose a deed