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.