Fiddyment Farm Real Estate Transfer Fee (NOT Tax) Explained

Fiddyment Farm Real Estate Transfer Fee (NOT Tax) Explained

Fiddyment Farm Real Estate Transfer Fee (NOT a Tax) Explained By Roseville California Real Estate Agent Dave Wyandt, 916-847-7777. Fiddyment Farm is located in West Roseville in what was undeveloped grassland up until twelve years ago. When developers originally started seeking permits to develop the land the Placer Land Trust stepped in with concerns. The Placer Land Trust is designed to protect our local environment so that it can remain unspoiled for future generations. Their concerns with the Fiddyment Farm development was with how it may impact the vernal pool grasslands in around the community. Eventually, Fiddyment Farm Roseville and WestPark Roseville will have 8,390 homes, several schools, walking trails, a regional sports complex, and a pedestrian-friendly shopping center.

 

The Placer Land Trust required the vernal pool grasslands be protected and be properly maintained. The Placer Land Trust requires that for every acre of development that 2 acres be protected. In total 4,500 acres of vernal pool grasslands will be protected once the project is fully complete.

The cost of purchasing and protecting the vernal pool grasslands is paid by the developers and every home buyer that purchases a home in Fiddyment Farm over 20 years. The developers provided an interest-free $35M loan to The Placer and Trust up front before developing ever begin. The Placer Land Trust expects to generate up to $85M over 20 years through the included real estate transfer fee (not a tax) from the first sale of a home in that area, so each home has a different end date. Every time a home is resold in Fiddyment Farm there is a 1/2% real estate transfer tax which is given to The Placer Land Trust. If a home sells for $750,000 the Fiddyment Farm Real Estate Transfer fee (not a tax) is $3,750. This fee is negotiable and can be paid by the seller, buyer, or split evenly.

This fee is not a one time fee. Every time a home is resold the real estate transfer fee will be assessed until the home is over 20 years in age.

This fee is not a one time fee. Every time a home is resold the real estate transfer fee will be assessed until the home is over 20 years in age.

 

Examples of Transfer Fee calculation:

If the Purchase Price is $250,000, the Transfer Fee will be calculated by multiplying $250,000 by one-half of one percent (0.5%) ($250,000 x 0.005), and the Transfer Fee will be $1,250.00.

 

If the Purchase Price is $500,000, the Transfer Fee will be calculated by multiplying $500,000 by one-half of one percent (0.5%) ($500,000 x 0.005), and the Transfer Fee will be $2,500.00.

 

If the Purchase Price is $750,000, the Transfer Fee will be calculated by multiplying $750,000 by one-half of one percent (0.5%) ($750,000 x 0.005), and the Transfer Fee will be $3,750.00.

Map of the Area


*This fee is not charged to new home buyers purchasing directly from a builder.

 


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Phone: 916-847-7777
Dated: October 20th 2018
Views: 50
About Dave: Dave Wyandt moved from Pittsburgh, Pennsylvania in the fall of 1999 and now resides in West Rosevill...

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Dave Wyandt
1150 Sunset Blvd. STE #150
Rocklin, CA
916-847-7777
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