Understanding Prince George’s County Transfer Tax: A Quick Guide
Learn about the Prince George's County transfer tax: Understand how it affects your property sale, learn about exemptions, and quickly navigate its complexities.
Selling a home in Prince George’s County involves various costs; one of the most significant real estate transfer taxes.
These taxes are a one-time fee paid during the property sale process and are calculated based on the home’s sale price. Understanding how these taxes work is important for Prince George’s County sellers to avoid surprises at the closing table.
In this guide, we’ll break down everything you need to know about transfer taxes in Prince George’s County, including who pays for them, the different types of transfer taxes, and whether exemptions or deductions are available.
We’ll also provide tips on estimating what you might owe so you can plan accordingly. Whether you’re selling your first home or have been through the process, this guide will help you confidently handle transfer taxes.
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What are transfer taxes?
Real estate transfer taxes are charges imposed by state or local governments when the title of a property is transferred from one owner to another. According to the Federal Trade Commission, these taxes are typically required during the sale of a home as part of the legal process of transferring ownership.
The amount owed in transfer taxes depends on where the property is located, as state, county, and city guidelines vary. These taxes, like other types of government fees, are primarily designed to generate revenue to support public services and infrastructure. Understanding the rules for transfer taxes in Prince George’s County is an important step to take when planning your home sale.
Who pays for transfer taxes?
In Maryland, including Prince George’s County, the responsibility for paying transfer taxes falls to both the buyer and the seller of a property. Typically, these taxes are part of the closing costs and can be negotiated during the sale process.
It’s common for buyers and sellers to share the burden of these taxes, but the specifics can be worked among each party before the sale is finalized.
