Nevada State Transfer Tax
| As of October 1, 2003 |
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As of October 1, 2003 the state legislature raised the tax the state charges on the transfer of real property to $5.10 per $1,000! As you can imagine, this was not a happy moment for most home sellers. Prior to October 1, 2003, almost all homebuilders and developers paid this tax. Now on new construction, the vast majority of home builders are making this a BUYERS costs! Watch it, as this amounts to about ½ of a percent of the sales price. (Example: $1,275 on a home purchased for $250,000). You may want to budget for that in your closing costs! While this has historically been a seller cost on resale homes, the ever changing "hot" market in Las Vegas is affecting that norm. The hottest segment of our market (home for under $300,000) many times experience multiple offers. In these cases, the transfer tax may be a point of negotiation between buyer and seller. Don't assume that this will be solely a sellers cost anymore!
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