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[EarthNSky <erthnsky AT gmail.com>]

 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!")