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Mar 13, 2024 · Virginia's current transfer tax rate is $3.50 per $1,000. So, for a house worth $392,434 — the median home price in the state — the transfer tax due will be $1,374. Cities throughout the state may impose an additional transfer tax, especially cities in Northern Virginia. The specifics on who pays the transfer tax in Virginia are sometimes ...
Apr 30, 2024 · State transfer taxes. The Virginia state transfer tax is levied at a rate of $0.25 cents per $100 of the portion price or fair market value of the property being transferred, whichever total is greater. The buyer will typically pay this or a party designated by the buyer.
Jul 16, 2024 · Here’s how transfer taxes work in Virginia: Tax Rate: The transfer tax rate in Virginia is usually calculated as a percentage of the sale price of the property. The standard rate is $0.25 per $100 of the sale price. For example, if you sell your house for $300,000, the transfer tax would be: Transfer Tax = 300,000/100 x 0.25 = 750 . So, you ...
The home seller typically pays the state transfer tax, called the grantor's tax. The cost is one percent, or $1.00/$1,000 of the transaction amount. In the Northern Virginia region, the Commonwealth levies an additional grantor's tax of $0.15 per $100 (or portion of $100) of the sales price or fair market value of the property, excluding any ...
Aug 15, 2024 · Transfer tax is a blanket term used to describe fees charged by the state or local municipality when transferring property from one entity to another. Virginia's current transfer tax rate is usually $3.50 per $1,000. So, for a house worth $392,434 — the median home price in the state — the transfer tax due will be $1,374.
Sep 8, 2023 · For a median-priced $432,300 Virginia home, 1.7 percent means closing costs would come to $7,349. Of course, in a more expensive area of the state like Arlington, where the median is $739,900 ...
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Mar 25, 2024 · This tax is relatively low, at $0.50 for every $500 of value. In Northern Virginia, there's an additional tax of $0.10 per $100 of value. Your realtor can help you calculate the estimated grantor tax for your property. Virginia imposes a real estate transfer tax on the sale of real property. This tax is typically calculated as a percentage of ...
