What taxes are involved in the purchase of a home?

When buying a home in Arizona, there are several taxes that must be taken into consideration. These include property taxes, transfer taxes, and other taxes such as state sales tax. Property taxes are collected by the county in which the property is located and are based on the value of the property. Though the exact rate will vary, the county assessor usually determines the rate and homeowners annually pay property taxes based on that rate. Transfer taxes refer to the taxes that come from the sale of the property. This must be paid by the buyer when they purchase their home. In Arizona, the seller usually pays the transfer tax, but it is important to confirm who will be paying it since it can vary from county to county. Depending on the county, state sales taxes may also be due when purchasing a home. This rate usually varies around nine percent. The buyer may also be responsible for additional taxes such as local taxes or excise taxes, so it is important to check with the local county or city government to confirm any additional taxes. Overall, it is important to be aware of the various taxes that come with purchasing a home in Arizona. Property taxes, transfer taxes, and state sales tax are all common taxes that must be taken into consideration and may vary based on the county or city the property is located in.

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What taxes are involved in the purchase of a home?

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