Knowing the full impact of real estate transfer taxes is important when selling your property in Kern County. Transfer taxes are fees levied by local or state authorities whenever ownership of a property changes hands. While not complicated, these taxes differ across city and state guidelines, so it’s good to know the specifics for your location.
This guide will explain how transfer taxes work in Kern County, detailing the various types and what sellers should expect to pay. We will also discuss what exemptions you can qualify for.
What are transfer taxes?
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 incurred 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 widely based on the property’s location, as different states, counties, and cities establish 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.
Who pays for transfer taxes?
Sellers are required to pay for transfer taxes in Kern County.
