Erie Realty Transfers (2024)

FAQs

What is the realty transfer tax in Erie County? ›

Transfer tax in Erie County is a total of $4.50 per $500.00 of consideration. This amount is broken down by New York State portion of $2.00 and Erie County portion of $2.50. Consideration must be rounded up to the nearest $500.00.

2% Realty Transfer Tax is levied on the sale or transfer of Real Estate within the City of Erie. 1% is shared by the City of Erie and Erie School District and the other 1% goes to the Commonwealth. The tax is paid when the deed is filed with the Recorder of Deeds, located in the Erie County Court House.

Real Estate Transfer Tax

$4.50 per $500 or any fraction thereof of consideration above any assumption of mortgage, For example, if consideration is $10,000.01–$10,500.00 tax is: $94.50. If consideration is $10,500.01–$11,000.00 tax is: $99.00.

Erie Triangle

It officially became part of Pennsylvania on 3 March 1792, after Connecticut, Massachusetts, and New York released their claims to the federal government, which in turn sold the land to Pennsylvania for $151,600 in Continental certificates.

The tax shall be levied upon the grantor named in the deed and shall be paid by the grantor for the use of the county to the county auditor at the time of the delivery of the deed as provided in section 319.202 of the Revised Code and prior to the presentation of the deed to the recorder of the county for recording.

While it's standard for sellers to cover the cost of transfer fees, as with most closing costs, this can depend on the nature and structure of the deal.

The conveyance fee consists of two parts. A statewide mandatory tax of 1 mill ($1 per $1,000 dollars of the value of property sold or transferred) applies in all 88 of Ohio's coun ties. In addition, counties may also impose a permissive real property transfer tax of up to 3 additional mills.

In most California counties, the seller typically pays for the transfer tax. But this can be negotiated between both parties and specified within the contract. RETTs are imposed by state and local governments in many parts of the United States, including California.

Under Ohio Law, all real estate transfer documents must be presented to the County Auditor prior to being recorded. The Deed Transfer Department transfers the owner's name and address on the real estate tax list and duplicate.

The cost of living in Erie, PA is 9% lower than the state average and 12% lower than the national average. Erie, PA housing is 44% cheaper than the U.S average, while utilities are about 8% pricier.

Why is Erie PA losing population? ›

Many different factors help explain the population decline in Erie and other Rust Belt cities: globalization, internal migration, industrial migration. And the Brain Drain. The introduction of air conditioning meant that factories and businesses could operate in the hot and humid South.

Erie County derives its name from the Eriez Indians, who settled on the fertile lake shore. In the mid 1600s, the Eriez tribe was conquered and destroyed by the Iroquois Confederacy.

The combined NYC and NYS Transfer Tax for sellers is between 1.4% and 2.075% depending on the sale price. Sellers pay a combined NYC & NYS Transfer Tax rate of 2.075% for sale prices of $3 million or more, 1.825% for sale prices above $500k and below $3 million, and 1.4% for sale prices of $500k or less.

Pennsylvania realty transfer tax is imposed at a rate of 1 percent on the value of real estate (including contracted-for improvements to property) transferred by deed, instrument, long-term lease or other writing.

In New York, the seller of the property is typically the individual responsible for paying the real estate transfer tax. However, if the seller doesn't pay or is exempt from the tax, the buyer must pay.

Transfer Tax – 0.5% of the selling price, or zonal value or fair market value, which ever is higher.