Norfolk is an independent city in Virginia. Virginia real estate transfers are subject to two primary taxes: the Virginia grantor's tax of $0.50 per $500 (0.10%) paid by the seller, and the Virginia state recordation tax of $0.25 per $100 (0.25%) paid by the buyer, for a combined total of 0.35%. Local recordation fees may also apply. All taxes are based on the full purchase price.
In Norfolk and throughout Virginia, the grantor's tax (0.10%) is paid by the seller, while the state recordation tax (0.25%) is paid by the buyer. These obligations are established by Virginia state law. Buyers and sellers should confirm the complete closing cost breakdown with their real estate attorney or title company.
Certain Norfolk real estate transactions may be exempt from Virginia's transfer taxes. Common exemptions include transfers to qualifying governmental entities, certain nonprofit transfers, transfers between spouses, and transactions involving low-income housing. Consult a Virginia real estate attorney to determine whether your transaction qualifies for an exemption.