![\"homelight](\"https:\/\/www.homelight.com\/blog\/wp-content\/themes\/ccprototypev5\/images\/logo-small-cta.png\"){kind=logo}
\n <\/div>\n \n Connect with a Top Agent to Help Maximize Value<\/h3>\n
Even rockstar agents can’t make your tax liability disappear, but HomeLight data shows that the top 5% of agents across the U.S. help clients sell their home for as much as 10% more than the average real estate agent, helping offset the tax bill.<\/p>\n \n
Disclaimer: This post is for educational purposes only and does not constitute legal or financial advice. Links and mentions of New York area tax services or attorneys should not be considered endorsements.<\/i><\/p>\n The Federal Trade Commission<\/a> defines transfer taxes as a \u201c\u200b\u200bstate or local tax payable when title to property passes from one owner to another.\u201d<\/p>\n Essentially, when you pass the title of your home\u2014your legal right to own the property\u2014to someone else, the government charges a tax on this exchange.<\/p>\n Where your property is located will determine what you’ll owe in transfer taxes according to local state, county, or city guidelines. Like other taxes, these are designed to generate revenue<\/a>.<\/p>\nWhat are transfer taxes?<\/h2>\n