This tool is designed to compute the tax levied on the transfer of property within the city and county. This tax, triggered by the sale or conveyance of real estate, is calculated as a percentage of the property’s sale price. For example, if a property sells for $1,500,000, the tool will determine the applicable tax rate based on established brackets and then compute the total tax due.
Understanding the transfer tax obligation is crucial for both buyers and sellers involved in real estate transactions. It allows for accurate budgeting and financial planning during the transaction process. This tax has a history rooted in local government revenue generation and serves as a significant funding source for various city services and initiatives, impacting the city’s budget and resource allocation.
