In Ohio, the conveyance fee is also commonly referred to as the:
Correct Answer
A) Real estate transfer tax
Ohio's conveyance fee is commonly known as the real estate transfer tax. It is a fee imposed on the transfer of real property, calculated based on the sale price.
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More Oh Property Tax Assessment Questions
David builds a new addition to his home in Medina County, Ohio. The addition increases his home's market value by $60,000. When will this new construction be reflected in his property tax assessment?
A city in Ohio wants to incentivize development of a blighted downtown area. The city establishes a Tax Increment Financing (TIF) district. Under Ohio's TIF rules, which statement is MOST accurate?
In Ohio, property taxes fund various local services. Which of the following receives the LARGEST share of property tax revenue in most Ohio communities?
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Previous Question
A real estate investor in Lake County, Ohio (which charges the full county permissive fee) sells two properties simultaneously: Property A for $275,000 and Property B for $425,000. What is the combined total conveyance fee for both transactions?
Next Question
A seller in Lorain County, Ohio (full county permissive fee) receives a net proceeds check of $142,000 after paying a 6% commission, $3,500 in closing costs, and the conveyance fee. What was the approximate sale price?