Excise Text Deed For Free

Key Takeaways An excise tax is similar to a sales tax, but it's levied only on certain products or services. The most common excise taxes are imposed on tobacco, alcohol, and gasoline.The tax is generally payable by the manufacturer.

However, when it comes to working out the eventual amount owed the California Revenue and Taxation Code states that all the counties in California have to pay the same rate. The current tax rate is $1.10 per $1000 or $0.55 per $500. So, if your home sells for $500,000, the property transfer tax is $550.

BASIC CONCEPT: Excise Tax is a tax on the production, sale or consumption of a commodity in a country.

Transfer tax exemptions Gifts: If a homeowner gifts a property free of debts (like mortgages or liens), it is exempt from transfer taxes. Trust Transfers: Homeowners who transfer property into a revocable trust can do so free of tax. However, this exemption does not apply if the property is sold to a trust.

Who Pays? This tax can be charged to either the buyer or the seller upon mutual agreement within an escrow agreement BUT if unpaid in the sales escrow ? the established policy has the responsibility fall to the BUYER as the buyer has control of the real property.

Who Pays? This tax can be charged to either the buyer or the seller upon mutual agreement within an escrow agreement BUT if unpaid in the sales escrow ? the established policy has the responsibility fall to the BUYER as the buyer has control of the real property.

California counties that allow intercounty base value transfers: Alameda, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Mateo, Santa Clara, Tuolumne, and Ventura.