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Do I have to pay sales tax when I buy a home,If so what is ?
Please tell me what I need to pay for taxes if I buy a home for $70,000
Asked By Mark | DeLand, FL | 305 views | Finance Legal Info | 1 month ago
Answer(12)
Frosy Trapezountios
Real Broker LLC
Common Taxes and Fees You’ll Pay in Houston, TX
Property Taxes (Ongoing)
Texas has no state income tax, so property taxes are the primary way local governments raise money.
In Harris County (where Houston is located), the average property tax rate is about 2.0%–2.3% of your home’s value per year.
On a $70,000 home, that would be roughly $1,400–$1,610 per year, though this can vary based on exemptions (such as a homestead exemption).
Title Insurance
In Texas, title insurance rates are set by the state, so they’re the same no matter which company you use.
On a $70,000 home, expect around $500–$600 for the owner’s title policy.
Recording and Filing Fees
Charged by Harris County to record your deed and related documents.
Typically $100–$200.
Other Closing Costs
These may include loan origination fees (if you’re financing), appraisal fees, and escrow fees.
Closing costs in Texas usually range between 2%–5% of the purchase price.
On a $70,000 home, that’s $1,400–$3,500 in total closing costs, though much of this goes to services rather than taxes.
Property Taxes (Ongoing)
Texas has no state income tax, so property taxes are the primary way local governments raise money.
In Harris County (where Houston is located), the average property tax rate is about 2.0%–2.3% of your home’s value per year.
On a $70,000 home, that would be roughly $1,400–$1,610 per year, though this can vary based on exemptions (such as a homestead exemption).
Title Insurance
In Texas, title insurance rates are set by the state, so they’re the same no matter which company you use.
On a $70,000 home, expect around $500–$600 for the owner’s title policy.
Recording and Filing Fees
Charged by Harris County to record your deed and related documents.
Typically $100–$200.
Other Closing Costs
These may include loan origination fees (if you’re financing), appraisal fees, and escrow fees.
Closing costs in Texas usually range between 2%–5% of the purchase price.
On a $70,000 home, that’s $1,400–$3,500 in total closing costs, though much of this goes to services rather than taxes.
- 1 month ago
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Julianne Clark | Your Lowcountry Compass
Charter One Realty
Is the home you're buying a mobile home? Mobile and manufactured homes are considered personal property in some states and are taxed differently than traditional stick-built homes. There are closing costs, including taxes, when purchasing real estate, but mobile homes are handled differently.
- 1 month ago
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Jason Craig
Coldwell Banker
Good question, Mark. You don’t pay “sales tax” when you buy a home in Florida, but you will see what’s called documentary stamp tax on the deed and the mortgage. On a $70,000 purchase in Volusia County, the deed doc stamps would be about $490 (it’s $0.70 per $100 of the purchase price). If you take out a mortgage, there’s also a small tax on the loan amount.
Beyond that, you’ll want to budget for property taxes and closing costs, which can vary by county. In DeLand, the average property tax rate is around 1% of the home’s value, so roughly $700 annually on a $70,000 property.
Beyond that, you’ll want to budget for property taxes and closing costs, which can vary by county. In DeLand, the average property tax rate is around 1% of the home’s value, so roughly $700 annually on a $70,000 property.
- 1 month ago
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Karen Burkardt
Realty One Group
You do not pay sales tax when you buy a home. Real estate is not subject to sales tax the way goods or vehicles are. Instead, when you purchase a home you typically pay closing costs, which can include items like lender fees, title insurance, escrow fees, and recording fees. The main ongoing tax you’ll be responsible for is property tax, which is assessed by your county or city based on the value of the home. For a $70,000 property, the annual property tax depends entirely on the local tax rate where the home is located, which can range from under 1% to over 2% of the assessed value per year. For example, if the local rate is 1.2%, your yearly property tax would be about $840.
- 1 month ago
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Jennifer Jefcoat
Epique Realty
It looks like you are in Florida. We pay annual property taxes on home purchases. However, you will not pay a sales tax on the home here.
- 1 month ago
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Person+ Person
William Raveis Real Estate
In Massachusetts, there is a "transfer tax" (or tax stamps). The seller pay the transfer tax and it is equal to $3.45 per $1000 of value.
- 1 month ago
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Melissa Zimmerman
Berkshire Hathaway Carolinas Realty
In North Carolina, buyers do not pay sales tax when purchasing a home—something that surprises many people relocating from other states. However, there is a tax involved in the transaction: it’s called the Excise Tax, and it’s paid by the seller, not the buyer.
The Excise Tax functions similarly to a sales tax on real estate and is calculated at $1 per $500 of the home’s sale price. So, for example, if a home sells for $500,000, the seller would typically pay $1,000 in excise tax at closing.
As a local Realtor serving Charlotte, Lake Norman, and surrounding NC communities, I make sure my clients fully understand every cost and detail of their real estate transaction. If you have more questions about buyer or seller expenses in North Carolina, I’d be happy to help!
The Excise Tax functions similarly to a sales tax on real estate and is calculated at $1 per $500 of the home’s sale price. So, for example, if a home sells for $500,000, the seller would typically pay $1,000 in excise tax at closing.
As a local Realtor serving Charlotte, Lake Norman, and surrounding NC communities, I make sure my clients fully understand every cost and detail of their real estate transaction. If you have more questions about buyer or seller expenses in North Carolina, I’d be happy to help!
- 1 month ago
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Bill Kibby
RE/MAX Realty One
It depends on the state and town you are in. The value of your property is accessed by the town and then taxes are typically applied at a multiplier rate per $1000 of accessed value for real estate property. If you are in a state that does not consider mobile homes real estate, they will be taxed as personal property. Check with your local community for specifics.
- 1 month ago
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Rodrigo Campos
Keller Williams Miami Beach
Hey Mark, great question. The good news is you don’t pay sales tax when you buy a home in Florida. That only applies to things like cars or furniture—not real estate.
Here’s what you actually pay when buying a $70,000:
Doc stamp tax: Florida charges 70 cents for every $100 of the price. On $70,000, that comes out to about $490.
Recording fee: Small county fee, usually around $10–$20.
Property taxes: This is yearly, not a one-time closing fee. For a $70,000 home, you’re looking at roughly $700–$1,000 a year, depending on the county’s rate.
Closing costs: Not a tax, but you’ll also pay for things like title insurance and the title company’s work. That usually runs $1,000–$2,500 depending on the deal.
So bottom line: no sales tax. At closing, the biggest tax you’ll see is that doc stamp of about $490. Then moving forward, you’ll just have your regular yearly property taxes.
Here’s what you actually pay when buying a $70,000:
Doc stamp tax: Florida charges 70 cents for every $100 of the price. On $70,000, that comes out to about $490.
Recording fee: Small county fee, usually around $10–$20.
Property taxes: This is yearly, not a one-time closing fee. For a $70,000 home, you’re looking at roughly $700–$1,000 a year, depending on the county’s rate.
Closing costs: Not a tax, but you’ll also pay for things like title insurance and the title company’s work. That usually runs $1,000–$2,500 depending on the deal.
So bottom line: no sales tax. At closing, the biggest tax you’ll see is that doc stamp of about $490. Then moving forward, you’ll just have your regular yearly property taxes.
- 1 month ago
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