Quote:
Originally Posted by Schaumburger
Regarding property taxes if an owner is not homesteading: Is there a way to calculate how much property tax will be based on the sale price of the home if a buyer is not homesteading? A Village sales agent told me to figure the property tax will be approximately 1.5% of the sale price of the home. Does that number sound correct?
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Sales price has nothing to do with property tax which is based on the assessed value of the property, not the selling price. What is based on the sales price is real estate transfer taxes or documentary stamp taxes. This is paid by the seller @ .07% of the sales price. If there is a mortgage, the buyer pays a .035% document tax on the amount of the mortgage.