If you’re selling a home in San Mateo County, it’s important to factor in the cost of real estate transfer taxes — fees imposed when property changes hands. These taxes are typically calculated based on the final sale price and can affect your bottom line at closing. In this guide, we’ll break down how San Mateo County’s transfer tax works, who’s responsible for paying it, and what rates apply at the state, county, and city levels. You’ll also learn about potential exemptions and whether any part of the tax is deductible. Real estate transfer taxes are charges that apply when a property’s ownership officially changes hands. According to the Federal Trade Commission, these taxes are imposed at the state or local level when the title—or legal ownership—of a home is transferred from the seller to the buyer. The tax is typically based on the property’s sale price and is usually paid at closing. The exact amount you’ll owe depends on where the property is located, as each state, county, or city sets its own rates and rules. Like other public taxes, real estate transfer taxes help generate revenue for government services, such as infrastructure and community development. Sellers are responsible for paying transfer taxes in San Mateo County. In the city of San Mateo, these are split between the buyer and the seller. California transfer taxes typically fall to the seller, but this can vary based on the city or municipality.What are transfer taxes?
Who pays for transfer taxes?
