Conveyance Tax

Conveyance tax is a fee charged to buyers of real estate when property ownership is transferred. This tax is typically calculated as a percentage of the property's sale price and is paid at the time of the transaction. The revenue generated from conveyance tax is often used to fund public services, such as education, infrastructure, and community development. The rates and exemptions can vary by state or locality, so it’s important for buyers to understand their obligations when purchasing property.