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Learning about Taxes on Sales of Homes Listed for Salefrom:
Among all the different taxes with which we may come into contact, the least known is likely to be taxes on sales of homes for sale. Though we don't pay taxes on the house until it is actually purchased, it's important to understand the meaning of this tax commonly known as a real estate transfer tax. The amount varies according to not only the state where you live, but the county and city as well. Of course, not every city and county levies taxes on sales of homes for sale, but you will find every state does. Though for the purpose of this article, we are discussing real estate taxes, every type of property that involves processing a title (real estates, motor vehicles, motor homes, etc.) is subject to a transfer tax. The tax is set as a percentage of the sale of the property and is levied by the state, county, and city that process the change of title from the former own to the new owner. Certainly as buyers on the receiving end when it comes to taxes on sales of homes for sale, we see the tax as exorbitant, but we have no idea of the amount of work that is involved with a property transfer.
Transfer taxes are not the only taxes that occur when you buy a home. In addition, you will be faced with a property tax and school tax as well. These additional taxes on sales of homes for sale are usually included as part of your mortgage payment as long as you owe on your home. Mortgage companies, as a rule, do not like to leave these items in the hands of the borrowers because the taxing agencies will put a levy on your home, and even seize it, for unpaid taxes on sales on homes for sale. That would leave the mortgage company in a position to purchase the property in order to maintain their interest in the property. In order to avoid this potential loss, your mortgage company will usually insist on paying your property taxes out of your mortgage payment. Therefore, they will adjust the payment in order to allow for this charge and probably even your insurance payments. If the payments are not made on time, the lender has no one to blame but itself and must be responsible for any late fees that incur due to its negligence. It also prevents the homeowner from forgetting to pay taxes and insurance. Though you will have to resume doing that when your home is paid in full, that will be many years in the future.
Sales Taxes Tamilnadu News
Tamil Nadu cautions online dealers to pay taxes promptly or face action - Business Standard
Tamil Nadu cautions online dealers to pay taxes promptly or face action
At a time when the flash sales in e-commerce major Flipkart and discounting by various e-commerce sites has attracted attention of the public, traders and the Union government, the Government of Tamil Nadu has said that the recent investigations reveal ...
Pay Taxes, Don't Evade: TN's Commercial Taxes Department Warns E-Tailers
Tamil Nadu cautions against VAT evasion by e-tailers - Financial Express
Tamil Nadu cautions against VAT evasion by e-tailers
In a fallout of the outcry over discount sales by e-commerce players, the Tamil Nadu government has raised a flag. The state commercial taxes department has issued a communication cautioning businesses about the repercussions of indulging in unfair ...
Indian online retailers face increased government scrutiny - Livemint
Indian online retailers face increased government scrutiny
In case the online retailer delivers goods from Tamil Nadu to a consumer in another state, central sales tax is payable. The commercial taxes department asked dealers in e-commerce marketplaces to disclose and pay VAT and central sales tax due on all ...
Nokia plant mirrors Tamil Nadu's fading electronics dream - Business Standard
Nokia plant mirrors Tamil Nadu's fading electronics dream
There are now reports that promises made by the government to some of the companies when they set up shop in Tamil Nadu have not been kept. For example, the state government was supposed to refund the 4 per cent value-added tax imposed on output ...
Modi's Make in India plan is hostage to archaic policies - Economic Times
Modi's Make in India plan is hostage to archaic policies
Tamil Nadu is especially remarkable. Nokia exported phones worth Rs 25,000 crore in three years and foreign exchange was received in India. The sales-tax department simply treats these exports as 'interstate sales' — with no explanation of how phones ...