Legal Question in Tax Law in California
Purchase and Sale of Real Property Tax
I live in Washington State where we have an excise tax of 1.78% of the total sale amount paid by the SELLER when we sell a house.
Does California have any such tax either at purchase of a property or sale of a property?
(Not to be confused with yearly propertry taxes which both states have.)
1 Answer from Attorneys
Re: Purchase and Sale of Real Property Tax
Generally, California has a transfer tax on the sale of real property. The tax is usually paid by the seller (since the seller has the proceeds) but can be split by the buyer and seller.
The amount of the tax can differ from county to county (and even within a county). For many counties in California the rate is $.55 per $1,000 of value in the property sold. However, in Berkeley and Oakland, for example, the cities add on to the transfer tax and the rate is $15 per $1,000 in value. San Francisco has a graduated rate that works its way up to $15 per $1,000 of value. LA County is pretty much $.55 per $1,000.
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