What is a real estate transfer tax?

A real estate transfer tax is a tax that is applied when a real estate property is sold or transferred to a new owner. In South Carolina, the real estate transfer tax is a specific tax levied on the sale of real estate property. It is collected by the county assessor of the county in which the property is located and paid to the state treasurer. The amount of the tax is based on the consideration of the sale, typically calculated as a percentage of the purchase price. The real estate transfer tax rate in South Carolina currently stands at one-half of one percent of the sale price, subject to a minimum of seventy-five dollars. While the real estate transfer tax is charged to the seller, it is important to note that the buyer may be responsible for paying it. The real estate contract typically details which party is liable for the real estate transfer tax. In certain cases, the buyer and seller may decide to split the tax due on the sale. The real estate transfer tax is an important part of real estate law in South Carolina. It provides a source of revenue for the state and helps to ensure that taxpayers are paying their fair share of taxes on the sale of real estate property.

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What is a real estate transfer tax?

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