The transfer tax is a financial obligation calculated as a percentage of the sale price on a real estate parcel, serving as a revenue generator for state and local governments. The funds collected through the transfer tax are commonly designated for specific purposes within the community, contributing to essential services and infrastructure development. Notably, individuals aged 62 or older may qualify for an exemption, allowing for a reduction in the applicable percentage of the transfer tax. This exemption recognizes the unique circumstances of older individuals and aims to alleviate their financial burden during real estate transactions.
