Transfer Fee Taxes
MaconCounty is the first of the area counties to put the 0.4% real estate transfer fee tax amendment on the November voting ballot. What this means is: When a home or parcel is sold, the seller will pay this tax at closing. As to how this will affect our wallets…if a home sells for $200,000, then $800 will be paid toMaconCounty for taxes. There has always been a transfer fee tax; however, it has been at 0.1%. This year the state legislature included in the NC state budget the ability to allow counties to vote individually on what percent they would use. The counties reasoning is that the home buyer should help pay for additional infrastructure which will need to be built or repaired.
I commend our area senator, Senator John Snow, for voting against the budget…voting against this increase allowing the home owner to keep more of their money at closing.
Transylvania counties do…
