Question

A property in california sold for $720,000. only the county transfer tax applies to this property. what is the amount of the transfer tax?

Answer 1

On a property valued at $21,100, the amount of the County's Documentary Tax would be calculated by rounding up the amount to $21,500, dividing $21,500 by $500, and multiplying that number by $0.55 for a total of $23.65.

Transfer tax

A transfer tax is a tax on the passing of title to property from one person to another. In a narrow legal sense, a transfer tax is essentially a transaction fee imposed on the transfer of title to property from one entity to another.

The estate tax and gift tax are both types of transfer taxes. The estate tax entails the right to transfer property from the estate to an individual or entity after death.

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