Are you preparing to sell your Erie County home? You might have questions about the Erie County transfer tax. What is it? How much does it cost? Who pays for it, the buyer or the seller? Don’t worry. Our quick guide will help explain how the Erie County transfer tax works, giving you information about how much it will impact your bottom line, any possible exemptions you might qualify for, and the tax implications down the road. Real estate transfer taxes are fees 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 to a property, essentially the document that confirms 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 establish their own rates and regulations for these taxes. Transfer taxes primarily serve as a means for local and state governments to generate revenue, funding various public services and infrastructure projects. Transfer tax liability will vary depending on the municipality. In New York State and Erie County, the seller is responsible for paying these taxes at the end of a real estate transaction. However, there are exemptions that might apply, which we will discuss later.What are transfer taxes?
Who pays for transfer taxes?
