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Learning about Taxes on Sales of Homes Listed for Sale

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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

Nokia challenges Tamil Nadu Govt's tax claims - MediaNama.com


Moneycontrol.com

Nokia challenges Tamil Nadu Govt's tax claims
MediaNama.com
Nokia has filed a writ to the Madras High Court protesting the Rs 2,400 crore tax claim from the Tamil Nadu government. The government had alleged that Nokia was masking devices sales within India as exports and not paying sales tax on these devices.
Nokia defends Tamil Nadu sales tax claimsTelecompaper (subscription)
Tamil Nadu govt slaps Rs 2400 cr tax demand notice on NokiaMoneycontrol.com

all 111 news articles »

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Tamil Nadu tax demand against principles of natural justice, says Nokia - The Hindu


The Hindu

Tamil Nadu tax demand against principles of natural justice, says Nokia
The Hindu
The 'illegal' tax demand was evidenced by the fact that out of the total demand of Rs.421.86 crore, Rs.421.34 crore constituted the demand confirmed on the export turnover, in gross violation of the Central Sales Tax Act and the Tamil Nadu Value Added ...
Rs 2400 Cr Commercial Tax Notice on Nokia Justified: TNThe New Indian Express
Not possible to deposit any money in an escrow account, Nokia tells courtHindu Business Line
HC issues notice to TN govt on Nokia petitionZee News
Times of India
all 20 news articles »

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Coconut oil pares losses on copra shortage - Hindu Business Line


Coconut oil pares losses on copra shortage
Hindu Business Line
In Kerala, crushers are buying the copra from Tamil Nadu. But coconut oil prices in Kerala are low as there is no VAT or CST. In Tamil Nadu, crushers have to pay five per cent sales tax and two per cent CSTon coconut oil. The oil crushers pleaded the ...

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Ihamuotila: Nokia could keep making phones in Chennai - YLE News


YLE News

Ihamuotila: Nokia could keep making phones in Chennai
YLE News
Nokia is currently being pursued by the Indian tax authorities for what they claim is unpaid VAT to the value of around 300 million euros. The Indian government claims that phones from the factory were sold in Tamil Nadu, so the sales tax is due, but ...
Nokia's Chennai factory head quitsHindu Business Line

all 51 news articles »

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Cannot pay sales tax to TN, Nokia tells Court - Hindu Business Line


ANINEWS

Cannot pay sales tax to TN, Nokia tells Court
Hindu Business Line
Nokia India on Tuesday maintained its earlier stance that it cannot pay any sales tax to the Tamil Nadu Government, which has demanded ₹2,400 crore as Value Added Tax from the handset manufacturer. The State Government has said that the handsets ...
TN govt tax notice: Nokia repeats lack of cash plea for escrow accountBusiness Standard
Workers of Nokia Chennai on hunger strikeANINEWS

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