The real estate transfer tax Philadelphia will to increase from 3% to 3.1% on January 1, 2017. The tax, collected by the city any time real estate is sold, is added to the 1% collected by the state of Pennsylvania. That means as of January 1, the total transfer tax will be 4.1%.
The local Philadelphia tax rate is one of the highest in the state. The majority of local taxes total 1%. Typically, the buyer and seller split the cost of the transfer tax.
For questions about real estate issues in Pennsylvania or New Jersey, contact Paul Shultz. Our Philadelphia office can be reached at (215) 567-1530 or contact our New Jersey office at (856) 273-6679.
Published August 20, 2016