Understanding the Idaho Transfer Tax: A Quick Guide
Does Idaho have a transfer tax? Learn how the transfer tax is assessed in Idaho.
Selling your home in Idaho? You might have some questions about the Idaho transfer tax. Does Idaho even have a transfer tax?
Transfer taxes are fees the state, county, or city imposes when property ownership is transferred from one party to another. These taxes can vary widely depending on where you’re located and the specifics of the property sale.
In this guide, we’ll examine how transfer taxes work in Idaho, giving you insight into what to expect.
Connect with a Top Agent to Help Maximize Value
Even rockstar agents can’t make your tax liability disappear, but HomeLight data shows that the top 5% of agents across the U.S. help clients sell their home for as much as 10% more than the average real estate agent, helping offset the tax bill.
What are transfer taxes?
Real estate transfer taxes are assessed by state or local authorities when property ownership changes hands. According to the Federal Trade Commission, this tax is triggered once the title—or the legal rights to a property—is transferred from one person to another.
The actual tax rate and the responsibility for paying this tax can vary significantly depending on the property’s location, reflecting different state, county, or city regulations.
Who pays for transfer taxes?
Unlike many other states, Idaho does not impose a state transfer tax on real estate transactions, which can alleviate some of the financial burden on sellers.
However, there are still property taxes to consider. Property taxes in Idaho are levied at an effective tax rate of 0.47%, ranking it 44th in the country—one of the lowest effective rates, just above states like Nevada and Arizona.
