Real Estate Transaction tax?

[Apple Annie]

Alice: that is the statewide excise tax stamp revenue collected on each every real estate sale in NC. It is part of the seller's closing costs, not the buyers.

[mm_mary73]

Originally Posted by alice_61

Mary,

Hi. No, we are actually still waiting on that septic system... That link that Annie posted said that the excise tax was only on the coast. Is it in other counties, as well, or is there another tax? I wonder what the tax is in Orange County.

Thanks,
Alice

Heavenly stars!
You can also go on the NC state website - it really is a wealth of information. Coastal areas may have some other tax, but I don't know The stamps are what sellers pay on the sold property.

[Apple Annie]

On the site I posted for Alice, it says that there is also an additional 1% tax stamp charge in some coastal counties.

The information is there to read. Charlotte Agent also told her correctly, that it is $1.00 per every $500 of the sales price. I only gave her that to read because it is easier to figure it at $2.00 per thousand.

Besides if she is a buyer, she has nothing to be concerned about. It is a cost to the seller only, at closing.

[mm_mary73]

Originally Posted by Apple Annie

On the site I posted for Alice, it says that there is also an additional 1% tax stamp charge in some coastal counties.

The information is there to read. Charlotte Agent also told her correctly, that it is $1.00 per every $500 of the sales price. I only gave her that to read because it is easier to figure it at $2.00 per thousand.

Besides if she is a buyer, she has nothing to be concerned about. It is a cost to the seller only, at closing.

I wonder if that extra 1% is because of the "hazard" of coastal living?

[bmatson]

Originally Posted by mm_mary73

No, we pay it here in the foothills as well. I guess your "drainage" problem got resolved. Good.

You are correct, the Land Transfser tax gets paid in all counties, not just the coastal ones. The info has been corrected on the above listed website.

[Listlady]

It is a State tax.. I am a broker in the Triangle area...it is always the sellers sole resposiblity and always gets paid at the closing table..or as I refer to it ..the "celebration table" at least most of the time! Some "celebrations" are harder than others!

mary

[mm34b]

Real Estate Excise Tax, also known as Revenue Stamps, is imposed by North Carolina law (G.S. §105-228.28) and collected by the Register Of Deeds at the time of recording.

The transferor (grantor, seller) buys the tax stamp from the Register Of Deeds of the county in which the land that is being sold lies. The rate of tax is 0.2% on the consideration or value of the interest or property conveyed except in those specific counties that have been granted the authority to collect a higher tax by the NC State Legislature.