Selling your home in Utah? You might have some questions about the Utah transfer tax. Transfer taxes are fees that the state, county, or city imposes when property ownership is transferred from one party to another. These taxes can vary widely depending on where you’re located and the specifics of the property sale. This guide will examine how transfer taxes work in Utah, giving you insight into what to expect in the Beehive State.
Real estate transfer taxes are assessed by state or local authorities when property ownership changes hands. According to the Federal Trade Commission, this tax is triggered once the title — or the legal rights to a property — is transferred from one person to another. The actual tax rate and the responsibility for paying this tax can vary depending on the property’s location, reflecting different state, county, or city regulations. Unlike many other states, Utah does not have a real estate transfer tax on real estate transactions, which can alleviate some of the financial burden on sellers or buyers. According to the Tax Foundation, property taxes in Utah are on the lower end of the spectrum, ranking 43rd in the nation.What are transfer taxes?
Who pays for transfer taxes?
