Sales Tax

**greentea** · 08-08-2008, 08:04 AM

I'm 18 years old and I would like to purchase a apartment/condo with some savings that I have on hand. I was wondering if there a sales tax on real estate transactions?

**jamesww** · 08-08-2008, 12:08 PM

Originally Posted by greentea

I'm 18 years old and I would like to purchase a apartment/condo with some savings that I have on hand. I was wondering if there a sales tax on real estate transactions?

In most states no. However, there are a few that do like New Jersey and Washington. Now they do not usually call it a sales tax they term it a excise tax. You will not pay as high of a percentage as you would with a purchase from the department stores. The highest I have heard of is 1.78%. For the people on this board to help you answer this question for your circumstance you need to tell us what state and county you are in.

**Mike Taylor** · 08-10-2008, 03:15 AM

What you should do is shop the mortgage around to a few different lenders and always get a good faith estimate along with it. This will give you a breakdown of the costs you can expect when purchasing your home.

**mWoods** · 12-10-2009, 11:15 AM

Depends on your state. Here in Indiana, no there is no sales tax. Good for you buying a place at 18. You're a savvy young investor. Keep up the good work. Be sure to consult an agent in your immediate area for definitive answers on your sales tax question though.