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Transfer Taxes
What are they and how do they affect you when buying or selling?
Transfer taxes are fees assessed on property when ownership is transferred between parties. There are two types of transfer taxes one that is charged by the State and Local governments and one that is charged by each Municipality.
This State & Local tax is a flat fee of $1.50 per $1,000 and is paid by the seller.
Municipal transfer taxes vary by city. The tax can be charged to buyers, sellers or both. Costs range from $0 and go up to $10.00 per $1,000.
As always there are exceptions to every rule if you are a seller moving in the same city, the municipal transfer tax is often waved.
Take a look at city rates, if a city is not listed most likely there is no fee. (pdf)
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