Stop another tax on your property!
What is a Real Estate Transfer Tax?
A real estate transfer tax is imposed by a state, county, city, or other governmental entity when ownership of property is transferred from one party to another. It is essentially a sales tax on your home or property. Real estate transfer taxes are usually one-time fees paid at the time of closing and are typically a percentage of the selling price of the property. In Oregon, homeowners pay property taxes to support schools, health care, public safety and important community services. A new tax on the sale of your home would result in an unfair, double tax on real estate.
How would a Real Estate Transfer Tax work?
If entities were allowed to begin enacting them, each government could impose a tax based on a percentage of the sales price (rates typically vary from .1% to 4%) when a home or real property is sold. Consequently, there could be multiple layers of taxation on a single transaction. For example, if you sold a $200,000 home and the county transfer tax was at 1%, and the city transfer tax was .5%, then you would pay $3,000 at the time of closing to support local governments – even if you already owed more on your home than it is worth. A real estate transfer tax is imposed whether or not a profit is made on the sale or transfer and applies to all real property including agricultural, commercial and residential property. read more
