Understanding Nebraska’s Real Estate Transfer Tax: A Quick Guide
Learn about the Nebraska real estate transfer tax: Understand how it affects your property sale, learn about exemptions, and quickly manage its complexities.
Are you selling your Nebraska home? If so, you probably have questions about Nebraska’s real estate transfer tax. Real estate transfer taxes are fees levied by the government when a property changes ownership.
In this short guide, we’ll explain how transfer taxes work in Nebraska and explain what sellers can expect to pay when selling their property.
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Editor’s note: This post is for educational purposes only and does not constitute legal or financial advice. Links and mentions of Nebraska area tax services or attorneys should not be considered endorsements.
What are transfer taxes?
Real estate transfer taxes are imposed by state or local governments when property ownership is transferred from one person to another. As defined by the Federal Trade Commission, these taxes are due when the property title—the document confirming your legal ownership—is officially passed to a new owner. This can be triggered by sales, inheritance, or even gifting of property.
The amount you pay in transfer taxes can vary greatly depending on the location of the property. This is because different states, counties, and cities can set their rates and rules for these taxes.
Transfer taxes are primarily a way for local and state governments to generate revenue, supporting various public services and infrastructure projects. Knowing how these costs work is essential for anyone involved in a real estate transaction.
Who pays for transfer taxes?
Who is responsible for paying transfer taxes when a property changes hands? Like a lot of things in real estate, it depends. In Nebraska, transfer taxes are paid by the seller, however, the buyer or an agent representing the transaction can agree to cover it, depending on the terms of the purchase agreement.
