Selling your home in Ohio involves several steps and costs, including real estate transfer taxes. These taxes are fees paid to the local, county, or state government when the title of a property changes hands. In Ohio, the specific rules and rates for transfer taxes can vary depending on the location of the property and the total value of the property. Our guide will break down the process of handling transfer taxes in Ohio for home sellers. We’ll explore who is responsible for these taxes, the different types of transfer taxes that may apply at the state, county, and city levels, and any applicable exemptions or deductions you might be eligible for. Real estate transfer taxes are levied by state or local governments when ownership of a property is transferred from one person to another. As defined by the Federal Trade Commission, this type of tax is applicable whenever the title of a property—essentially the legal documentation that confers ownership—is handed over to a new owner. The amount of this tax can depend significantly on the property’s location, subject to local guidelines set by state, county, or city regulations. These taxes serve as a key source of revenue for governments, helping to fund various public services and infrastructure projects. The exact rates of transfer taxes can vary, making it essential for property owners to familiarize themselves with their local tax obligations. Sellers in Ohio are responsible for paying the state’s transfer tax, which is levied as a conveyance fee.What are transfer taxes?
Who pays for transfer taxes?
