Did you know that there is a Hamilton County transfer tax? Suppose you are preparing to sell your Hamilton County property. In that case, you’ll need to be aware of the full scope of your closing costs, and transfer taxes, while often overlooked, are an important part of a real estate transaction’s endgame and can have a significant impact on your bottom line. Not to worry. This guide will explain how the Hamilton County transfer tax works — how much it costs, who is liable for paying it, and any exemptions that might apply. 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, the document that verifies your 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 often have 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. Sellers are responsible for paying transfer taxes in Ohio and Hamilton County.What are transfer taxes?
Who pays for transfer taxes?
