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Sales tax on purchase of house?
Suppose you purchase a $75K house with cash. Is there sales tax on the purchase? Or is this covered by property taxes? Thx
7 Answers
- 1 decade ago
The answer is , it depends on your state and county. Although sales tax on the sale of real property is extremely rare, you need to research this for your area. Any good realtor in your area will answer this for you (otherwise call city hall). As far as the real estate tax, those are definitely there and they will be there every year you own the property.
Good luck
- ?Lv 71 decade ago
Some states do charge a sales tax and no it would not be covered by property tax. It will be included in your closing costs.
- OthnielLv 61 decade ago
You will pay tax but it is not sales tax. Ask your real estate agent to explain transfer taxes to you since it varies from State to State and from county to county. You will also pay property taxes each year.
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- Genuine GuidanceLv 71 decade ago
There is no sales tax on a house purchase
The taxes you pay on a house are called property taxes
- 1 decade ago
I suggest you http://www.lifeplanz.com/ I was looking for same answer last day on answers.yahoo.com but i browsed for an hour and got best solution over there.
Best of luck.
- Anonymous1 decade ago
Welcome to the real world. :)
There's taxes on everything.
You can't afford Socialism without them.