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Ohio Real Estate Transfer Tax Exemptions

Ohio Real Estate Tax Exemptions

Most states impose taxes when real estate is conveyed. Theses conveyance fees cost property owners in Ohio millions of dollars per year. In Ohio, the real property conveyance fee is paid by persons who make sales of real estate or used manufactured homes. This amount is based on the value of the property at the time of transfer. As far as the exact amount in your particular circumstance, please contact us so we can complete a calculation. For ballpark estimates, here’s the State of Ohio’s explanation of how the calculation should work. The conveyance fee consists of two parts. A statewide mandatory tax of $1 per $1,000 dollars of the value of property sold or transferred applies in all 88 of Ohio’s counties. In addition, counties may also impose a permissive real property transfer tax of up to $3 per $1,000 dollars of the value of property sold or transferred. So depending on the county where the real estate sits, the tax could potentially increase from the baseline $1 per $1,000 dollars of the value sold.

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Guide to the Florida Homestead Exemption

So, you’re driving the family around in Florida and look down to pick something up. You swerve, hitting someone and cause an accident. Your insurance isn’t enough to cover the liability, so you start wondering – are they going to be able to take our home? The answer is – it depends. In many States, the creditor can force the sale of an asset in Court to satisfy a debt. However, in the world of asset protection, you would be hard pressed to find a better form of asset protection than the Florida homestead exemption.

Unique to Florida, Article X, Section 4 of The Florida Constitution states that homestead property in Florida is “exempt from forced sale under process of any court.” This means that judgment creditors cannot levy and execute on property that falls within the definition of a Florida homestead. The homestead exemption is the highest form of asset protection because it is embodied in Florida’s Constitution and statutes, and it has been rigorously and consistently upheld by the courts.

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How to Form an LLC in Ohio

What is an LLC? In Ohio, an LLC is a business entity that shares elements of a corporation as well as elements of a partnership and are recognized by Ohio law. LLC’s are also recognized as partnerships, by default, for federal income tax purposes. If you’re interested in how your LLC should be taxed for federal income tax purposes, check out our general guide to LLCs and federal income taxes.

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