If you are selling or purchasing a home in Mount Vernon, you need to know how transfer taxes work. The Mount Vernon transfer tax isn’t complicated, but it can have an impact on your bottom line. This short guide will help demystify transfer taxes, including who pays for them, how much they cost, when exemptions apply, and more.
Real estate transfer taxes are charged by state or local governments when property ownership is transferred from one individual to another. According to the Federal Trade Commission, these taxes are due when the title of a property, essentially the document confirming legal ownership, is officially transferred to a new owner. The amount owed in transfer taxes can vary significantly based on the property’s location, as different states, counties, and cities establish their own rates and regulations. Transfer taxes primarily serve as a revenue source for local and state governments, funding various public services and infrastructure projects. Transfer tax liability varies from city to city, state to state, and county to county. In New York State and Mount Vernon, the seller is generally responsible. However, the sales agreement can be modified so the buyer is responsible. It’s important to note that if the seller does not pay the transfer tax, or is somehow exempt, the buyer is responsible for it.What are transfer taxes?
Who pays for transfer taxes?
