What taxes are involved in the purchase of a home?

When purchasing a home in New Hampshire, there are several taxes that are involved. One of the most important taxes that can be applied to a real estate transaction is the deed transfer tax. This is a state tax that is paid by the buyer when title to the property is transferred. Its rate varies depending on the county or town and the sale price of the home. In addition to the deed transfer tax, buyers must also pay the real estate transfer tax. This is a state tax on real estate transactions and is paid at closing. The rate is between $0.85 and $1.35 per $500 of the sale price. Buyers must also pay the real estate excise tax. This is a relatively small tax that is charged when the title of the real estate is transferred. The real estate excise tax is usually around $15 - $20. Finally, buyers will have to pay taxes for the property itself. Property tax is a tax that is charged by the town or county. It is usually based on the assessed value of the property. All of these taxes are involved in the purchase of a home in New Hampshire. It is important to understand these taxes and account for them when budgeting for a home purchase.

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