What will be the transfer tax on a home sold for $175,000 when the buyers assume a $60,000 mortgage?

To determine the transfer tax on a home sale in Georgia, it is important to know that the transfer tax is calculated solely on the sales price of the property, not on the mortgage or any other financing arrangements involved in the sale.

In this case, the home is sold for $175,000. The transfer tax rate in Georgia is typically set at $1 per $1,000 of the purchase price. Therefore, to calculate the transfer tax for this sale, you would divide the sales price by $1,000 and then multiply by the rate.

So, for a sales price of $175,000, the calculation would be:

1. $175,000 ÷ $1,000 = 175
2. 175 x $1 = $175

Thus, the transfer tax on the home sold for $175,000 is indeed $175. This calculation highlights that the amount owed is exclusively derived from the sale price rather than any assumed mortgage, confirming that the answer is accurate based on the transfer tax guidelines in Georgia.