At what rate is the documentary stamp tax on deeds assessed?

The documentary stamp tax on deeds is assessed at a rate of 0.70 per $100 of the purchase price or consideration paid for the property. This rate is determined by various state laws, and it is essential for real estate professionals to be familiar with these taxes as they can significantly impact the total costs of real estate transactions. Understanding these rates also helps in preparing accurate closing disclosures and ensuring compliance with tax regulations.