San Mateo Home Buyer Says Help!

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I’m confused regarding city transfer tax and purchasing a home in San Mateo. How much is it per $1000 of house value? I see $5 on some web sites and $1.10 on others. Help!

What you’re seeing are two different taxes.  The $1.10 per thousand is a San Mateo County tax.  Each time a home sells within the county, that home is taxed $1.10 per thousand of the sales price.  So if the sales price is $500,000, then the tax would be $550. 

The other is a city tax from the City of San Mateo.  Homes that sell within the city are taxed $5 per thousand dollars of sale price.  $500,000 home is taxed $2500. 

The current standard within the county is that the seller pays the county transfer tax – the $1.10 per thousand.  For the city tax, that fee is typically split between the buyer and the seller.  I say typical because it depends on the situation, what you’re hoping to accomplish with your offer.

Vicki Moore About Vicki Moore

RE/MAX Star Properties
282 Redwood Shores Parkway
Redwood Shores, CA 94065

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