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homestead - Re: [Homestead] Missouri taxation

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  • From: "Lynda" <lurine AT com-pair.net>
  • To: <homestead AT lists.ibiblio.org>
  • Subject: Re: [Homestead] Missouri taxation
  • Date: Mon, 18 Oct 2010 16:16:00 -0700

D*mn, the link I put in seems to have disappeared. Here's a link with the various states: http://www.ncsl.org/default.aspx?tabid=12661

Lynda
----- Original Message ----- From: "Lynda" <lurine AT com-pair.net>


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.





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