A buyer and seller agree on a purchase price of $480,000 for a single-family home in Concord, New Hampshire. Under the NH Real Estate Transfer Tax (RSA Chapter 78-B), what is the total transfer tax due at closing, and how much does each party owe?
Correct Answer
B) Total tax: $7,200; buyer pays $3,600 and seller pays $3,600
Under RSA 78-B, New Hampshire real estate transfer tax is $0.75 per $100 of consideration for the buyer and $0.75 per $100 for the seller, for a combined rate of $1.50 per $100. A $480,000 purchase price equals 4,800 units of $100. Each party owes 4,800 × $0.75 = $3,600, so the total tax due at closing is $7,200.
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