Erie Realty Transfers (2024)

FAQs

What is transfer tax in Erie PA? ›

2% Realty Transfer Tax is levied on the sale or transfer of Real Estate within the City of Erie. 1% is shared by the City of Erie and Erie School District and the other 1% goes to the Commonwealth. The tax is paid when the deed is filed with the Recorder of Deeds, located in the Erie County Court House.

Erie Triangle

It officially became part of Pennsylvania on 3 March 1792, after Connecticut, Massachusetts, and New York released their claims to the federal government, which in turn sold the land to Pennsylvania for $151,600 in Continental certificates.

Pennsylvania realty transfer tax is imposed at a rate of 1 percent on the value of real estate (including contracted-for improvements to property) transferred by deed, instrument, long-term lease or other writing. Both grantor and grantee are held jointly and severally liable for payment of the tax.

Exemptions. Some transactions are exempt from Transfer Tax. Some examples would be conveyances between husband and wife, parents and child, grandparent and grandchild, brothers and sisters. A one-time transfer is allowed between former spouses.

The city's population has decreased by 43,653 or about 32 percent from 1960 level. Many different factors help explain the population decline in Erie and other Rust Belt cities: globalization, internal migration, industrial migration. And the Brain Drain.

The city, founded in 1795 and known for its strategic position by Lake Erie, offers a gateway to the splendors of Pennsylvania and stands out for its remarkable landmarks, including Presque Isle State Park and the Erie Zoo, essential in drawing tourists and enthusiasts.

The Lake is the main attraction in Erie, with the sparkling water giving Erie its nickname, "Gem City." The nearby peninsula of Presque Isle State Park provides residents and visitors ample opportunities for outdoor activities such as sailing, swimming, hiking, and biking.

NYS and Erie County Transfer Tax

Transfer tax in Erie County is a total of $4.50 per $500.00 of consideration. This amount is broken down by New York State portion of $2.00 and Erie County portion of $2.50. Consideration must be rounded up to the nearest $500.00.

Pennsylvania charges 1% of the sales price as part of a transaction's transfer tax. Local municipalities and school districts typically charge 1% (although this percentage can be higher for certain municipalities). Pennsylvania Department of Revenue website.

The cost of transfer taxes varies by location and is based on the sale price of the property being transferred. In some states, the seller is responsible for paying transfer taxes, while in others, it may be paid by the buyer or split between the two.

Who usually pays the sales transfer tax on a real property transaction? ›

In California, sellers traditionally have paid this tax – but they are not legally required to do so. Government authorities do not care who pays the tax as long as it gets paid – so this can lead to disagreements that can negatively impact the sales process.