Real estate transfer tax

1. A real estate transfer tax is a tax assessed on real estate when ownership of a property is sold or transferred from one party to another. It is essentially a new sales tax on real estate.
2. Real estate transfer taxes are highly regressive, meaning higher burdens for low-income people. Growing families, seniors/retirees, and transferred employees and military would also be heavily affected.
3. Real estate transfer taxes increase the closing costs of buying or selling a property. Sales price disclosure almost always leads to new real estate transfer taxes.