Submitted by: Nancy Battle
Transfer Tax on Homes in Louisiana
Transfer Tax on Homes in Louisiana
98% of the people in Louisiana are NOT familiar with this tax on the ballot for Nov. 19. This is a tax that both buyers and sellers of a home in Louisiana will pay at the time of sale of their home if this tax is ever passed . As an example, if you sell your home for $250,000, both buyer and seller will each pay to Louisiana $4,925.00 as a transfer tax. This tax will be a closing cost on the HUD (settlement statement) at closing. And, if this tax is ever passed, it would most likely be raised again in subsequent years.
We would encourage everyone who lives in Louisiana to go to the following website:http://www.staytaxfree.com/ On the home page there is a calculator that figures the tax you will pay at closing if this tax is ever passed.
This is the tricky part: Most people who are not aware of this tax will just click "NO" on the ballot thinking they are voting against the tax. But, they will then be voting FOR the tax.
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