If you’re selling your Washoe County home, you might have questions about transfer taxes. How do they work? How much are they? Who pays for them? Don’t worry. Transfer taxes aren’t complicated, and HomeLight is here to help. Transfer taxes are fees levied by local or state authorities when real property (like a home) changes ownership. Transfer tax rates can differ significantly based on location and can have a significant impact on the overall cost of your transaction and your bottom line. This guide will explain how transfer taxes work in Washoe County, including their cost, who is liable for them, and any possible exemptions. Additionally, we will explain how transfer taxes can affect your capital gains burden and why working with a real estate agent is a great idea. 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 of a property, essentially the document confirming legal ownership, is officially transferred to a new owner. This can occur through sales, inheritance, or gifting of property. 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. Transfer taxes primarily serve as a revenue source for local and state governments, funding various public services and infrastructure projects. In Nevada and Washoe County, both the buyer and the seller (sometimes referred to as the “grantee” and “grantor”, respectively) are jointly liable for paying any transfer taxes owed when a property changes ownership.What are transfer taxes?
Who pays for transfer taxes?
