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Do you pay the stamp duty tax once when you buy the home. Or do you pay it annually? If you pay it once when you buy the home, there is something similar, call
by mateo411 5y ago
Do you pay the stamp duty tax once when you buy the home. Or do you pay it annually?
If you pay it once when you buy the home, there is something similar, called a transfer tax. This is set by the local government(city or county). I think most places don't have a transfer tax.
If it's an annual tax then it's property tax. This is specific to the State/County/City/Neighborhood.
- Joeboy 5y agoYou pay when you buy the home. But the point is you didn't have to pay it at all if you bought between last July and the end of this month (unless buying a very expensive house). Meaning (or so I thought) a big rush on housing and a big increase in house prices.
- rootusrootus 5y agoSo it's essentially a sales tax? AFAIK we don't have an equivalent in the US. We have an annual property tax, which averages about 1% per year.