If you're from New Hampshire, you probably love the Granite State for its lakes, mountains, coastline, and most importantly, lack of taxes! In this state, we shop and work tax-free. However, if you've moved TO or FROM New Hampshire lately, you know there is one type of tax you cannot avoid here.
Transfer Tax - here in NH, we boast one of the highest transfer tax rates in the country at 1.5%!
Because this is no small cost, buyers, sellers, realtors and loan officers need to know how much transfer tax will cost them when getting ready to buy or sell. Typically in NH, transfer tax is split in half between buyer and seller unless otherwise negotiated between the parties as a part of the purchase and sale contract. Here's how to find that number:
1. Take the purchase price of the property and multiply by 1.5%.
$300,000 x .015 = $4,500 transfer tax total
2. Divide the total transfer tax by two. In NH, transfer tax is split in half by buyer and seller.
$4,500 / 2 = $2,250
While it's not a fun number to calculate, your portion of the transfer tax will be accounted for on your closing disclosure when you receive your final numbers. If you're a buyer looking for a closing cost estimate or a seller looking for a proceeds estimate, check out our Closing Cost Calculators for a more detailed look at your fees!