http://www.jordanrealestateadvisors.com en-us N/A wasfisamaan@gmail.com Thu, 09 Sep 2010 04:27:54 MST 20 http://www.jordanrealestateadvisors.com/articles/3/1/Property-Tranfer-Taxes/Page1.html When buying and selling real estate there is one fee charged to both the buyer and the seller but it is not as cut and dry like the U.S. The buyer pays 6% transfer tax on the appraised value that the local government will place on the property; this is always lower than what you pay or what the fair market value is. The seller pays a 4% transfer tax. For example, I purchased a 3 bedroom apartment this summer for 140,000 JD, I paid 5200 JD transfer tax. The local government puts a price on what they think it is worth like how a Property Valuation administrator would work in the U.S. In my case they estimated it a little under 100,000 JD. If you get a loan against the house the bank will send an their own appraiser which will be closer to the purchase price. There are yearly property taxes and they are different for a place of residence vs. property that is rented. On a home you use as a residence it only about 1% a year. If it is rented, it is 15% of the gross estimated rents. The government will estimate what your rent should be and it is always lower. The reason that they do all this is that they don't want people manipulating the system.

]]> no@spam.com (Wasfi Samaan) Fri, 29 Jun 2007 22:14:09 MST http://www.jordanrealestateadvisors.com/articles/3/1/Property-Tranfer-Taxes/Page1.html