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How Revenue Stamps Affect Your Home Purchase
Manage episode 162818357 series 1041634
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Revenue stamps are mandated by the state of Iowa, so it’s important that you know what they are and how they are calculated.
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A revenue stamp is a fee you incur in selling your home on both the estimate of proceeds (which you’d be provided by your Realtor) and on the closing disclosure statement when you get ready to close on the home.
"A revenue stamp is a fee on both the estimate of proceeds and the disclosure statement."
Revenue stamps are mandated by the state of Iowa. They are made payable to the county treasurer’s office in the county in which you close. Revenue stamps are calculated by taking the sale price, deducting $500 off the top (which is exempt from the fee), and calculating that based on $1.60 per $1,000 of value.
For example, for a home that sells for $100,000, you would pay slightly less than $160 for your revenue stamp fee.
If you have any questions about revenue stamps and how they’re calculated, feel free to give us a call or send us an email. We’d be happy to help in any way we can!
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