[Homestead] Missouri taxation
erthnsky at gmail.com
Mon Oct 18 19:23:50 EDT 2010
Yup, still in GA, and so is the realtor that posted this on FB, that
is why I was curious as to what this is about. She was even telling
people to go out and vote for this amendment, like it applied to Georgia
or something. I dunno...strange.
On 10/18/2010 2:02 PM, Lynda wrote:
> In most states you pay a "transfer" tax when you sell your home. It
> actuqally is a sales tax. There are lots of exceptions to this. In
> some states it is waived if you are a first time buyer. In some you
> only pay on the profit the seller makes on the sale. In some you get
> to deduct the mortgage payoff amount. In some if the transfer is
> between relatives you don't pay it.
> So, generally speaking, the calculations are made based on the sale
> price minus your exemptions.
> For example, you sell a house for $100,000 and you have a $50,000
> mortgage. The base rate for the transfer tax would be $50,000.
> Now, the fun part is that not only does the rate vary by state but can
> vary within any given state by area. Some states tax based on a per
> $1000 basis and some tax on a per $500 basis.
> Their objective is to close the barn door *before* the cow gets out.
> Georgia, btw, has a transfer tax and the seller pays it. You are in
> Georgia, right? I can't keep everyone straight <g>
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