If you’re selling your Sonoma County home, you’ll want to know how transfer taxes work. Transfer taxes are fees levied by local governments when a property changes ownership. While these fees aren’t complicated, they differ by municipality, so there isn’t a one-size-fits-all answer to them. Not to worry. This short guide will break down how the Sonoma County transfer tax works and what you can expect when selling your home. We will also tell you about possible exemptions you might qualify for. Real estate transfer taxes are fees imposed 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 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 have established their own rates and regulations. Transfer taxes primarily serve as a means for local and state governments to generate revenue and fund various public services and infrastructure projects. Sellers pay for transfer taxes in Sonoma County.What are transfer taxes?
Who pays for transfer taxes?
