Be Aware of Potential Transfer Tax with New Developments in Park City Utah

Posted by Julie Olsen on Tuesday, November 7th, 2006 at 12:24pm.

If you are looking to buy a home, condo or vacant lot at one of the newer gated communities or at one of the ski resorts in the Park City area. You will want to see if there is a transfer tax due upon the sale of the property.  It probably isn't a deal breaker but it is something to be aware of that exists with many of the new developments in the Park City area.  For example, at the Canyons Resort area there is a transfer tax that will occur each time a property is sold.  Either the buyer will pay or the seller or they may even split the tax.  At the Canyons Resort Specially Planned area the tax is 2% of the sales price. This typically affects new projects but may also affect some of the older projects so be sure to check if the condo, home or vacant lot you are interested will incur a transfer sales tax.  I get this information as early as possible for my buyer clients so they know the whole cost of their purchase and aren't suprised at closing.  Please call me if you have any questions about buying real estate in the Park City area at 435-513-2848 or email me at julie@bestskiproperty.com.

 About Author  A Local Park City Utah Realtor with Equity Real Estate Luxury Group helping buyers find their Park City or Deer Valley dream home. I've lived full time in Park City for over 23 years.  I enjoy showing newcomers all that Park City  has to offer in this wonderful place I call home. 

 
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