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Transfer Tax Variations Index
Transfer tax is typically 2% of the purchase price split equally between the buyer and the seller however, there are areas of exceptions.
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Below is a list of areas in which transfer tax may be higher typical. As always confirm the most up to date information with the taxing district.
Common Level Ratio Factors
Common Level Ratio (CLR) factors in real estate are used to ensure property taxes are fair and consistent. They compare a property’s assessed value (what the government says it's worth) to its market value (what it could sell for).
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For example, if the market value of a home is $200,000 and the CLR for your area is 80%, the assessed value used for tax purposes would be $160,000 (80% of $200,000).
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These ratios help adjust assessments so everyone pays their fair share of taxes, even if property values change over time.