Homestead mailing list

["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.

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
----- Original Message ----- 
From: "EarthNSky" <erthnsky AT gmail.com>


>  I have no idea of what this 'yestosavehomes' is about.  I saw a dedicated 
> page on Facebook and all I know is that it is about taxation.  Had you 
> explained it to me, I probably wouldn't have understood it anyway, but 
> thought I would ask since you own a home in MO and you are a realtor...