Understanding Realty Transfer Tax: What Buyers and Sellers Need to Know
Realty Transfer Tax is a tax imposed on the transfer of property ownership from one party to another. This tax is typically calculated as a percentage of the property's sale price or its assessed value and is paid by the buyer, seller, or both parties, depending on local regulations. The realty transfer tax serves as a significant source of revenue for local and state governments, funding various public services and infrastructure projects.
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