When you are looking into the process to buy your first home, you might have lots of homebuyer-related questions You might need help financing a home or you could need advice about how to save money for your new house. Something else that you need to be aware of is the Land Transfer Tax Rebate. Trademark home buyers can help you to learn all about this important information.
What Is A Land Transfer Tax Rebate?
Only Available for First Time Buyers
This tax rebate is charged by a state or local government for the sale of a property from one person to another. The tax is based on the value of the property and might also involve state inheritance tax in some instances and situations. Usually, the rebate is limited to first-time buyers but this is not always the case.
Who Pays this Tax?
The seller is liable for this real estate transfer tax but it can be included as part of the cost of the home in the sale as well. Some states do not ask for this tax to be paid, so you will need to look into whether or not your state assesses this tax for home sales and transfers.
Which States Do Not Charge This Tax?
The states that do not impose this tax are limited. They are Alaska, Idaho, Indiana, Louisiana, Mississippi, Missouri, Montana, New Mexico, North Dakota, Utah, and Wyoming. All other states impose this tax and will require it if you buy a home.
How Do I Qualify for the Rebate?
In most places, you will have to be 18 years of age, cannot have owned a home before, and do not own property somewhere else in the world. Your spouse must also have never owned a home. You will not be able to re-qualify as a first-time buyer if you do not meet these requirements to get the rebate for your current purchase.
Land Taxes Can Be a Factor In Home Buying
There are so many taxes that can affect your home buying process that it can be easy to miss chances to save money with rebates. Make sure that you do not miss the opportunity to get tax rebates that you are owed by the government. Saving money on your home buying process is important. Work with Trademark Home Buyers for the best advice about land taxes related to homebuying.