Transfer taxes are fees imposed by the government when property or assets are transferred from one person to another. These taxes can apply to various transactions, including the sale of real estate, inheritance, or gifts. The amount of the tax often depends on the value of the property being transferred. Different jurisdictions may have their own rules regarding transfer taxes, including rates and exemptions. For example, some states may offer reduced rates for first-time homebuyers or specific types of transfers, such as those involving family members. Understanding these taxes is essential for anyone involved in property transactions.