Why we pay taxes where others don't.
Luckily, here in Utah, we, along with 12 other states do not charge property transfer taxes. So if you buy/sell a real estate property in Utah, you don't have to pay a property transfer tax along with your 6% this and your seller concessions, etc. etc.
In those states that do, they've devised some interesting ways to avoid these types of taxes, including buying and selling the companies that own the real estate, so the property continues to remain the property of the same legal entity (business) and doesn't trigger the transfer tax, as well as using the foreclosure process.
An interesting article in the Pittsburgh Post-Gazette details how folks that live in these property transfer tax states try to avoid paying. I'd like to find out if Sherrif's sales in Utah help un-incumber a property from other unknown liens here as well. If so, good to know.
The National Association of Realtors has a great information page about property transfer taxes.
Here in Utah, we're not big fans of taxes of any sort. It's important to note that 75% of the rest of the country has property transfer taxes at some degree, each with varying degrees of the camels nose under the tent. Let's keep Utah free of property transfer taxes, I'd hate to have to make real estate transactions any more expensive than they are.
In those states that do, they've devised some interesting ways to avoid these types of taxes, including buying and selling the companies that own the real estate, so the property continues to remain the property of the same legal entity (business) and doesn't trigger the transfer tax, as well as using the foreclosure process.
An interesting article in the Pittsburgh Post-Gazette details how folks that live in these property transfer tax states try to avoid paying. I'd like to find out if Sherrif's sales in Utah help un-incumber a property from other unknown liens here as well. If so, good to know.
The National Association of Realtors has a great information page about property transfer taxes.
Here in Utah, we're not big fans of taxes of any sort. It's important to note that 75% of the rest of the country has property transfer taxes at some degree, each with varying degrees of the camels nose under the tent. Let's keep Utah free of property transfer taxes, I'd hate to have to make real estate transactions any more expensive than they are.
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