Selling your home in Louisiana? You might have some questions about the Louisiana transfer tax. Transfer taxes are fees the state, county, or city imposes when property ownership is transferred from one party to another. These taxes can vary widely depending on where you’re located and the specifics of the property sale. In this guide, we’ll examine how transfer taxes work in Louisiana, giving you insight into what to expect when it comes to transfer taxes in the Pelican State. Real estate transfer taxes are assessed by state or local authorities when property ownership changes hands. According to the Federal Trade Commission, this tax is triggered once the title — or the legal rights to a property — is transferred from one person to another. The actual tax rate and the responsibility for paying this tax can vary significantly depending on the property’s location, reflecting different state, county, or city regulations. Unlike many other states, Louisiana does not have a real estate transfer tax on real estate transactions, which can alleviate some of the financial burden on sellers. According to the Tax Foundation, property taxes in Louisiana are on the lower end of the spectrum, ranking 39th in the nation with an effective tax rate of 0.55%.What are transfer taxes?
Who pays for transfer taxes?
