Date Archives: January 2019
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22
And Another Reason to Own a Home in Texas
No Real Estate Transfer Tax
Texas is one of a handful of states that does not have a transfer tax when a seller sells their home. Dallas is one of the few cities in the nation that does not have a city transfer tax. Several years ago the voters in the state of Texas passed a constitutional amendment that disallowed any such taxes in the future. So not only do some 40 states have a transfer tax, the cities as well have an additional transfer tax. Another reason so many are moving to Texas. See below the city and state transfer tax on a home sale of $500,000 in selected northern cities.
2019 - Real Estate Transfer Tax
Based on a $500,000 Sales Price
|
CITY |
STATE TRANSFER TAX |
CITY TRANSFER TAX |
TOTAL TAX |
|||||
|
Boston, MA |
$2,280.00 |
$0.00 |
$2,280.00 |
|||||
|
Chicago, IL |
$750.00 |
$3,750.00 |
$4,500.00 |
|||||
|
Los Angeles, CA |
$550.00 |
$550.00 |
$1,100.00 |
|||||
|
New York City, NY |
$2,000.00 |
$7,125.00 |
$9,125.00 |
|||||
|
Philadelphia, PA |
$5,000.00 |
$15,000.00 |
$20,000.00 |
|||||
|
San Francisco, CA |
$550.00 |
$3,400.00 |
$3,950.00 |
|||||
|
Seattle, WA |
$6,400.00 |
$2,500.00 |
$8,900.00 |
|||||
|
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