Updated: May 31, 2020
The Unexpected Cost of Real Estate Transfer Taxes in Alameda County
Let’s face it. Selling your home can be a massive pain in the butt! There’s so much you have to coordinate, and if you make one wrong move, you could ruin the whole deal.
Okay, maybe ruining the whole deal is a bit of an exaggeration, but you know what’s not an exaggeration?
The difference in real estate transfer taxes you have to pay based on where your property is located in Alameda County.
You might think all cities are created equally and charge the same amount of transfer tax, but they don’t!
Some cities will cost you much more! Let’s dive in and see exactly how much you’ll pay in transfer taxes should you decide to sell your house in Alameda County.
Real Estate Transfer Tax Example in Alameda County
Alameda County has a baseline transfer tax rate:
$0.55 per every $500 in value transferred. Or, to make it a bit easier, $1.10 per $1,000.
Let’s say you’re selling your home for an even $500,000. Since you love crunching numbers, you sit down one day and start figuring out how much you’ll net from the sale on the day of closing.
You subtract out realtor fees, your payoff to the bank, and what you believe to be a transfer tax of $550. There are other costs, but we will focus on these to make things simple.
$500,000 / 1,000 = 500
500 * $1.10 = $550
Depending on what city you’re in, you may only have to pay $550 worth of transfer tax, but if you’re in any of the cities we’ll discuss below, you’ll be on the hook for a lot more.
In Berkeley, for example, you will have to pay an extra $15 per $1,000 of the full value. That comes out to:
$550 + (500 * $15) = $8,050.
You’d have to pay an extra $7,500 to sell your home if it’s in Berkeley.
Now, we love Berkley, but wow, that’s steep! And you’d be in for a rude awakening if you were suddenly on the hook for an additional $7,500. This charge won’t go away, but at least you can be aware of it so you can plan accordingly.
Breaking Down Real Estate Transfer Taxes Per City In Alameda County