If you’re selling your Will County home, you probably have questions about transfer taxes. How do they work? How much are they? Who pays for them? While transfer taxes aren’t complicated, they work differently across city, state, and county lines, so knowing how they work for where you live is important. Transfer taxes are fees levied by local or state authorities when real property (like a home) changes ownership. Transfer tax rates can have a big impact on your bottom line. This guide will explain how transfer taxes work in Will 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 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. The amount owed in transfer taxes can vary significantly based on the property’s location, as different states, counties, and cities usually have unique rates and regulations. Transfer taxes primarily serve as a means for local and state governments to generate revenue, funding various public services and infrastructure projects. Sellers are usually responsible for transfer taxes in Will County, but this can vary depending on the terms of the sales agreement.What are transfer taxes?
Who pays for transfer taxes?
