In Massachusetts, the transfer tax is based on the amount of consideration paid for the property and is applicable when the amount exceeds $100, excluding any lien or encumbrance that remains in the land. If you are wondering who is responsible for paying this tax, it is typically paid by the person who is signing the deed. In order to confirm the payment of the tax, an affixing stamp is required. Here are some key takeaways regarding the payment of transfer taxes in Massachusetts:
Transfer taxes are based on the amount of consideration paid for the property
Tax is applicable when the amount exceeds $100 (excluding any lien or encumbrance)
The person signing the deed is responsible for paying the tax
An affixing stamp is required to confirm payment of the tax
It’s important to note that transfer tax rates may vary based on the city or town, so it’s always best to check with your local government for specific information. Overall, understanding transfer taxes and who is responsible for paying them can help make the home buying and selling process smoother.