Wednesday, January 28, 2009

Deed transfer tax is why we cling to our homes here.

I deposited this comment at the Pittsblog 2.0 site as they looked at the constrast of Pittsburgh and Pheonix.
What is the deed transfer tax rate in Pittsburgh (city is more than burbs) vs. Phoenix?

So, if you buy a $100,000 home, how much is paid in fees and taxes, upfront. Those fees/taxes deliver no value to the homeowners. It amounts to a penalty to transactions. And, it comes off the nest-egg for a down payment.

So, if you've saved $10,000 for a house, and you need to shell out $8,000 of that for taxes, just for the opportunity to own the house, then the down payment / equity contribution is hardly even equal to the first months mortgage.

That's the why behind those stats.

Would love to know if there is such a thing as a deed transfer tax in Arizona.

I say it is no wonder folks stay in their homes.

Shell out $10,000 or more three or four times in the prime of your life -- and you've paid for your kids to get a college education.


Arizona has a state deed transfer tax of $2.00 per deed. That's it, so far. Is this correct?

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