What is the transfer tax rate for real estate transactions?

The transfer tax rate for real estate transactions is set at 0.10 per 100. This rate is applied to the sales price of the property to calculate the total transfer tax owed at the time of a real estate transaction.

Understanding this rate is crucial for buyers and sellers as it impacts the closing costs associated with a property sale. For instance, if a property sells for $200,000, the transfer tax would be calculated by taking 0.10 per 100 of that amount, which totals $200 in transfer taxes.

In certain jurisdictions, this rate can vary depending on local laws or regulations, but for general practices, the 0.10 per 100 rate is commonly recognized. It's important for real estate agents and brokers to accurately assess these taxes to provide the most precise information to their clients about the financial implications of a property purchase or sale.