What taxes are involved in the purchase of a home?

When purchasing a home in Oregon, there are several taxes that are associated with the transaction. The first is the state transfer tax, which is paid to the Oregon Department of Revenue. The transfer tax is a percentage of the purchase price of the home and is paid by the buyer. The second is a local property tax, which is paid to the county or city where the home is located. Property taxes are based on the assessed value of the property and can vary depending on the area. In addition to the state and local taxes, buyers may also be required to pay a Mortgage Recording Tax when they take out a mortgage loan to finance the home purchase. This tax is paid to the Oregon Department of Revenue and is based on the loan amount and may vary from county to county. Finally, there may also be a special assessment which is determined by the municipality and paid directly to them. This could include items such as sewer or water system improvements, or other local projects. In total, the taxes and fees associated with buying a home in Oregon can be substantial, so it is important to thoroughly research the costs before making a purchase. Additionally, homebuyers should consult with a qualified professional to ensure that they are aware of all the taxes and fees related to a home purchase.

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What taxes are involved in the purchase of a home?

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