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A real estate transfer tax, sometimes called a deed transfer tax or documentary stamp tax, is a one-time tax or fee imposed by a state or local jurisdiction upon the transfer of real property.
Real estate transfer tax can be appointed by the authorities of state, county or commune when a real estate property is being transferred within a certain jurisdiction. Subjected to the tax is usually the act of transfer of legal deeds, certificates and titles to a property that are being shifted between the seller and the buyer.
Real estate transfer taxes have become controversial in some U.S. jurisdictions seeking to increase transfer taxes on higher end property sales to help combat issues like homelessness. 2022's Chicago's Bring Chicago Home initiative, seeks to increase transfer taxes on $1 million transactions by 253% or t o 2.65% or $26,500 per million dollar of ...
The administration of real estate tax is handled by the municipality in whose territory the real estate lies. In cities with multiple city districts, the tax administration of real estate tax is handled by the department of local taxes and fees and not by the city districts. For example, Bratislava or Košice. [55]
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To determine the purchase price of the real estate, divide the transfer fee by 0.003. For example, the top transfer fee listed here is for $939. Dividing that fee by 0.003 gives you the purchase ...
Ben Cunningham (born 1947 in Sheffield, Alabama) is a Gallatin, Tennessee real estate investor and founder and spokesman of the grassroots political group Tennessee Tax Revolt, Inc. [1] Cunningham is a Republican , but his group includes many Libertarians and conservative Democrats .