Conveyance Tax

A conveyance tax is a tax that may be paid by either the buyer or seller of a property. Paying a conveyance tax may be an incentive given by sellers to entice buyers in regard to the property they're attempting to sell. Depending on your location, a conveyance tax may be a flat fee, or it could be a percentage of the sales price. This is simply a tax on the transfer of the property from one person or entity to another. The conveyance tax may not be required in all cases; job relocation moves and transfers to family or non-profit organizations are examples of cases in which the tax cannot apply. Additionally, there may be more than one conveyance tax, and this is based on your location. You may incur taxes assessed by both your state and your city.