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QUESTION: Does the Geographic Assessor include estimates for closing costs and other one-time expenses?
Since closing costs and deed transfer type taxes are one-time expenses, they are not included in the annualized cost-of-living estimates in the Geographic Assessor. However, companies may want to reimburse these one-time costs to relocated employees. Real estate transfer taxes are taxes imposed by states, counties, and municipalities on the transfer of the title of real property within the jurisdiction. According to the Lincoln Institute of Land Policy, they are also called real estate conveyance taxes, mortgage transfer taxes, documentary stamp taxes, and property transfer taxes. This tax is typically in the 1% to 2% range of the home sale price. Local customs may dictate how the tax is split between the buyer and seller. A few location are significantly higher. In Pittsburgh, PA, for example, the deed transfer is 4% of the sale price. Consider these starting points for researching the exact tax in a specific location:
National Conference of State Legislators – Real Estate Transfer Taxes