Search results
Results From The WOW.Com Content Network
A transfer tax is a tax on the passing of title to property from one person (or entity) to another. In a narrow legal sense, a transfer tax is essentially a ...
A real estate transfer tax, sometimes called a deed transfer tax or documentary stamp tax, is a one-time tax or fee imposed by a state or local jurisdiction upon the transfer of real property.
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. [1]
State, county and municipal governments impose real estate transfer taxes, although some regions have 0% transfer taxes. Generally, the purpose of real estate transfer taxes is to generate revenue ...
The property tax typically produces the required revenue for municipalities' tax levies. One disadvantage to the taxpayer is that the tax liability is fixed, while the taxpayer's income is not. The tax is administered at the local government level. Many states impose limits on how local jurisdictions may tax property.
Taxes may be imposed on individuals (natural persons), business entities, estates, trusts, or other forms of organization. Taxes may be based on property, income, transactions, transfers, importations of goods, business activities, or a variety of factors, and are generally imposed on the type of taxpayer for whom such tax base is relevant ...
Sales tax does not apply to transfers of real property, though some states impose a real estate transfer or documentary tax on such transfers. All states provide some exemptions from sales tax for wholesale sales, that is, sales for resale. [8] However, some states tax sales for resale through vending machines. [9]
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!