What Is the Real Estate Transfer Tax?


Quick Answer

States, counties and other municipalities impose real estate transfer tax on the transfer of real estate titles within their jurisdictions, according to the National Conference of State Legislatures. As of 2015, 37 states and the District of Columbia impose real estate transfer taxes on transfers of real property.

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Full Answer

Real estate transfer tax rates vary by state; for example, in Maine, the transfer tax rate is 0.44 percent, while the transfer tax rate in South Carolina is 0.37 percent, notes the National Conference of State Legislatures. Idaho, Alaska, Nebraska, Wyoming and Texas are among the states that do not assess transfer taxes on real estate transactions. Unlike personal property taxes, real estate transfer taxes, also known as stamp taxes, are not tax deductible, notes the Internal Revenue Service.

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