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  • From: EarthNSky <erthnsky AT gmail.com>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] Missouri taxation
  • Date: Mon, 18 Oct 2010 19:23:50 -0400

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>

Lynda


--
EarthNSky Farm 34.498N 85.076W
SISU! (Finnish--There is no single word in English that encompasses
all that sisu means, but it combines the following ideas: guts, pep,
determination, stubbornness, perseverance, hardiness, stamina, go, do,
nerve, spunk, pluck, and grit. It's like "Just Do It!"& "Go for It!")






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