Real Estate agents....can u explain land transfer tax?

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4spdragtop

4spdragtop

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Hoping this doesn't go "too" political lol.
Lori n I looked at a house recently and looking thru the paperwork from the RE Agent the land transfer tax was $44k??
WTF? I've bought houses before but I've gotten to the age where I question a lot of the **** going on.
What is it you get for land transfer tax? We still have our yearly property tax, still pay utilities etc etc.
If someone could explain it?
Thanks :popcorn:
 
I known it's always been there, but was wondering "what" it is for(besides lining pockets). Looks like it's for possible infrastructure upgrades?
We looked at a house just outside of town. 2 acres, on well and septic, no services besides garbage and recycling pickup.
Listed at $700k, and LTT was $45,000. Fn brutal.
dadsbee said:
Always been there, currently averages about 1.5 %

Calculating Land Transfer Tax | Land Transfer Tax
Click to expand...
 
The states don't have that. There's a title transfer fee but it's only a couple hundred dollars
 
Gotta cover six months salary for some bureaucrat, of course the rest of us will pick up the tab for the additional three months it will take them to process the paperwork as they work remotely
 
I'v never heard of transfer taxes being that high anywhere in the states, not that it isn't.
 
I did a quick search on land transfer taxes and Delaware has the highest rate at 4%, if that's true I don't consider 4% much
 
dadsbee said:
You don't consider 4% much.? Seriously, you can do math correct? That's $30000 on a $750000 home.
Click to expand...
I knew you were going to say that, so I checked the prices in Delaware and they are anywhere from $360,000 - $475,000. $475,000 × 4%= $ 19,000. Do I think that's high? Of course I do but I figured if you can afford a darn near half million dollar home you surely can afford to pay the transfer taxes. Now I don't know about in Delaware but you can deduct those taxes from your income taxes and besides the land transfer taxes are only at the time that the property is bought. Also in Missouri you can deduct your real estate taxes.
 
4spdragtop said:
Hoping this doesn't go "too" political lol.
Lori n I looked at a house recently and looking thru the paperwork from the RE Agent the land transfer tax was $44k??
WTF? I've bought houses before but I've gotten to the age where I question a lot of the **** going on.
What is it you get for land transfer tax? We still have our yearly property tax, still pay utilities etc etc.
If someone could explain it?
Thanks :popcorn:
Click to expand...
Ain’t got that here in the USA. We do have title fees and various loan fees and closing costs that can cost a couple grand but not near that.
 
Dan the man said:
I did a quick search on land transfer taxes and Delaware has the highest rate at 4%, if that's true I don't consider 4% much
Click to expand...
Well for what it’s worth, the combine percent of taxes that Sam Adams, John Hancock and others started to rebel against in the 1760s that eventually led to the full revolution in 1776, was a combined 3 percent.

Considering most of us have to work 4 months out of every year just to pay our “fair share” of taxes, I’d consider any additional tax too much.

Hell we pay:

Federal income
Social Security tax
Medicaid taxe
State income tax
County income tax
City income tax( certain cities)

Then add in all the other taxes

Gas tax
Road tax
Sales tax
Property tax


You get somewhere between 30-50 percent of the average American’s income going to some tax or another.
 
dadsbee said:
You don't consider 4% much.? Seriously, you can do math correct? That's $30000 on a $750000 home.
Click to expand...
What's the conversion rate nowadays ?

$750000 USD will get you in a better neighborhood then I live in
 
Bad enuf with over inflated real estate prices, I need a garage extension and the permits, fees, taxes, material it's ridiculous. I bet I'll be $25-30k adding 3-400 sq ft. So we look for "something else" and the LTF is out to fn lunch. Let alone the house price.
dukeboy440 said:
Well for what it’s worth, the combine percent of taxes that Sam Adams, John Hancock and others started to rebel against in the 1760s that eventually led to the full revolution in 1776, was a combined 3 percent.

Considering most of us have to work 4 months out of every year just to pay our “fair share” of taxes, I’d consider any additional tax too much.

Hell we pay:

Federal income
Social Security tax
Medicaid taxe
State income tax
County income tax
City income tax( certain cities)

Then add in all the other taxes

Gas tax
Road tax
Sales tax
Property tax


You get somewhere between 30-50 percent of the average American’s income going to some tax or another.
Click to expand...
 
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