If you’re selling your Marin County home, it’s important to know the full scope of what you’ll owe when it comes to fees and taxes, including real estate transfer taxes. Transfer taxes are fees levied by local or state authorities whenever property ownership changes hands. The rates can differ significantly based on the location and can greatly influence the overall cost of your transaction. This guide will explain how transfer taxes work in Marin County, covering the various types, what sellers should expect to pay, and some possible exemptions that property owners might be eligible for.
Real estate transfer taxes are charges 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 confirms your legal ownership, is officially passed to a new owner. This process can occur through sales, inheritance, or gifting of property. The amount you owe in transfer taxes can vary widely based on the property’s location. Different states, counties, and cities can establish their rates and regulations for these taxes. Transfer taxes primarily serve as a means for local and state governments to generate revenue and fund various public services and infrastructure projects. Who pays for transfer taxes at the time of a property sale can vary based on the terms of the state where the home is sold. Generally, the seller is responsible for transfer taxes in Marin County.What are transfer taxes?
Who pays for transfer taxes?
