What are the types of transfer taxes?
Transfer taxes will typically vary based on local guidelines but can generally be broken down into three categories — state, city, and county, depending on the state. Here’s a quick look at how it works in South Carolina.
State transfer taxes
Statewide, South Carolina charges a deed recording fee when property changes hands, though this is functionally the state’s transfer tax. This is levied at a rate of $1.85 on realty value of $100-$500 and an additional $1.85 for each $500 increment after, composed of both county and state fees at a rate of $1.30 for the state portion and $0.55 for the county portion.
County transfer taxes
Counties keep their portion of the fee, which is levied at a rate of $0.55 of each $1.85.
City transfer taxes
According to state guidelines, cities, counties, municipalities, or any other special purpose district cannot impose a fee or transfer tax on property ownership transfers.
However, municipalities that had imposed a real estate transfer tax prior to Jan. 1, 1991, may still collect a transfer fee.
Other transfer fees
In addition to transfer taxes, there are possible fees to consider, such as from a homeowner’s association or another local neighborhood organization. Again, as these can vary heavily based on location, it’s important to consult a professional.
If you’re selling your home for sale by owner, consulting a professional might help with some of the finer points of the process and give you a better idea of what you can expect.
