What are the taxes on purchasing a home?

When purchasing a home, buyers typically encounter several taxes, including property taxes, which are assessed annually based on the home's value. Additionally, many states impose a transfer tax when the property changes hands, calculated as a percentage of the sale price. Buyers may also face local taxes or fees, such as recording fees for the deed. It's essential to research specific tax obligations in the area where the home is located, as these can vary significantly.