Open Forum

All Communities
 View Only
Expand all | Collapse all

Tax stamps / Transfer taxes

  • 1.  Tax stamps / Transfer taxes

    Posted 05-02-2023 16:53
    I'm compiling state based information and need some help. What can you tell me about tax stamps / transfer taxes in your state?
     
    When is it due?
    How much is it? How it is calculated?
    How do you remit it?
    Are there exemptions?
    What else should I know?



    ------------------------------
    Cheryl Evans
    Wicked Title Forum
    Online Business Support Community for the Title Industry
    https://community.wickedtitleforum.com/

    cheryl.evans@carnanco.info

    1-on-1 Consulting at www.carnanco.info
    ------------------------------
    ALTA Marketplace


  • 2.  RE: Tax stamps / Transfer taxes

    Posted 05-03-2023 08:38

    This is Vermont I'm responding for....

     

    I'm compiling state based information and need some help. What can you tell me about tax stamps / transfer taxes in your state?

     

    When is it due?                                               Simultaneously with filing of deed

    How much is it? How it is calculated?            1.45% on all property - primary residence property is taxed at .005 on the first $100,000

    How do you remit it?                                       Separate check accompanied by voucher to the Vermont Department of taxes

    Are there exemptions?                                   Yes but limited - transfer to entity at time of formation is exempt as are vertical conveyances between parent-child -grandchild, no exemption for sibling transfer, spousal transfers are exempt

    What else should I know?                              Return is prepared online

     

     

    Best, Jack

     

                  

    John A. (Jack) Facey, III

    Facey Goss & McPhee P.C.

    71 Allen Street, Suite 401

    Rutland, Vermont 05701

    Mail: PO Box 578

    Rutland, Vermont 05702

     

    Direct Dial: 802 665 2720

    Main Office: 802 773 3300

    Fax: 802 775 1581

    Email: jfacey@fgmvt.com

    Web: www.fgmvt.com

    This email was composed using Dragon NaturallySpeaking - dictation results may vary.

     

    NOTICE: This message, including attachments, may contain information that is confidential and/or protected by the attorney-client privilege or work product doctrine. Any disclosure, copying, distribution or use of the contents of this message by an unintended recipient is prohibited and may be a violation of law. If you have received this email in error, please destroy it and notify the sender immediately.

     




    ALTA Marketplace


  • 3.  RE: Tax stamps / Transfer taxes

    Posted 05-04-2023 09:31

    In Tennessee:

    When is it due?                          At recording 

    How much is it? How it is calculated?    Transfer tax  is calculated at $.37 per hundred of purchase price
                                                                    Per page recording fee is $8.00 first page and $5.00 for each page therefter

    How do you remit it?   By check  (or you can electronically record and they do ach withdrawal)

    Are there exemptions?                      There are several exemptions    See T.C.A. 67-4-409

    What else should I know?                 Deed set out  - Names and address of person responsible for property taxes
                                                               or recording may be rejected



    ------------------------------
    Tammy Bentley
    President
    Cleveland Abstract & Title Ins. Co., Inc.
    Cleveland TN
    +1 (423) 339-3042
    ------------------------------

    ALTA Marketplace


  • 4.  RE: Tax stamps / Transfer taxes

    Posted 05-05-2023 08:51

    Massachusetts:

     

    When is it due? Upon recording/filing of the deed with the County Registry of Deeds

     

    How much is it? How is it calculated?

    ·         All counties but Barnstable County is $4.56 per thousand of the consideration on the deed or easement; Barnstable County is $6.48/thousand.

    ·         If the stated consideration does not end in an even $500 or $1000, you must round up to the next $500 (i.e., If the sales price is $30,100.00 you must round up to $30,500.00 and then calculate; if the sales price is $30,600.00 then round up to $31,000.00 and calculate)

     

    How do you remit it? By check payable to the particular County Registry of Deeds; some counties require a separate check, others allow it to be combined with recording fee check. Best to submit a separate check.

     

    Are there exemptions? Deeds/easements with stated consideration of $100 or less are exempted

     

    What else should I know?

    ·         Payable by grantor;

    ·         In addition to the excise taxes, Duke's (Martha's Vineyard) and Nantucket Counties have Land Bank Fees equal to 2% of the purchase price payable by the buyer at the time of transfer to the Land Bank who then coordinates with the respective Registries of Deeds for recording. There are certain exemptions but more information can be found at https://www.mvlandbank.com and https://www.nantucketlandbank.org/ .

    WFG National Title Insurance Company logo

    Lisa Vesperman Still, Esq.
    VP, New England Regional Counsel

    MA State Counsel


    Office: 781 587 0172 ext. 3907 | Cell: 781 660 3078
    LStill@wfgtitle.com  | wfgagent.com

     


    Confidentiality Notice:  The information contained in this electronic e-mail and any accompanying attachment(s) is intended only for the use of the intended recipient and is non-public in nature and may be confidential and/or privileged.  If any reader of this communication is not the intended recipient, unauthorized use, disclosure, dissemination or copying is strictly prohibited, and may be unlawful.  If you have received this communication in error, please immediately notify the sender by return e-mail, and delete the original message and all copies from your system and promptly destroy any copies made of this electronic message.

     

    Click Here for WFG's Plain English Privacy Policy

     




    ALTA Marketplace


  • 5.  RE: Tax stamps / Transfer taxes

    Posted 05-03-2023 09:05
    West Virginia has transfer taxes but no state stamps/recordation taxes. The transfer taxes are collected at the time the Deed is recorded although there are some exemptions. The transfer tax rate varies from $2.20 per $500.00 to $3.85 per $500.00 and varies from County to County with enabling State legislation allowing each of the 55 counties to set their rate within that range. I have my own spreadsheet that I update periodically, especially if my calculations disagree with the calculation my title software generates. Document recording fees are also set by State statute as is the WV Housing Development Fund fee. 

    Kim
     
    Kimberly A. Gilbert-Toelle, Esq.*
    Raber Law Offices, PLLC
    484 Williamsport Pike, PMB #300
    Martinsburg, WV 25404
    Phone: 681-260-6455
    Fax: 304-441-5551
    email: kgt@raberlawoffices.com  
     
    *Admitted in West Virginia, Maryland, and the District of Columbia only
     
    CONFIDENTIALITY NOTICE:  This transmission may contain information that is privileged, confidential, legally privileged, and/or exempt from disclosure under applicable law. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or use of the information contained herein (including any reliance thereon) is STRICTLY PROHIBITED. Although this transmission and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by Kimberly Gilbert-Toelle, Attorney at Law, or Raber Law Offices, PLLC, its subsidiaries and affiliates, as applicable, for any loss or damage arising in any way from its use. If you received this transmission in error, please immediately contact the sender and destroy the material in its entirety, whether in electronic or hard copy format. Thank you.  



    ALTA Marketplace


  • 6.  RE: Tax stamps / Transfer taxes

    Posted 05-04-2023 09:12

    ILLINOIS:

    - $1.50 per 1,000
    - Due at the time the deed is recorded
    - Some counties allow online filing and payment - but in the Southern part of the state it's all done by paper check, and the transfer taxes are combined with the recording fees in one check
    -There's a whole list of exemptions, but generally municipalities, government bodies, charities, and churches; corrective deeds; tax deeds; partition deeds (only as approved by a judge); deeds in lieu of foreclosure; transfers of less than $100; transfers from a subsidiary to parent corporation; deeds ordered by bankruptcy court; and anything executed before 1/1/1968 but recorded after 
    -There are a few counties in southern Illinois that you still submit a "PTax" form manually, but the majority of the state requires online filing, which is accessed by the county clerk at the time of recording the deed



    ------------------------------
    Pam Koenigsmark Tyson
    Real Estate Assistant
    Richard Kruger Law Firm
    PO Box 568
    110 W. 5th Street
    Metropolis, IL 62960
    Phone: 618-524-9302
    pam@richardkrugerlaw.com
    ------------------------------

    ALTA Marketplace


  • 7.  RE: Tax stamps / Transfer taxes

    Posted 05-03-2023 09:37

    In Pennsylvania transfer tax is usually 2%, but it varies – always 1% to PA, then usually 0.5% to the municipality and 0.5% to the school district, but some municipalities or school districts have a higher rate.  The tax is due on the purchase price (which in certain scenarios includes the cost of contracted-for improvements, even if the purchase price on the deed is for the lot price only), or if there was no price, on the calculated Fair Market Value (county assessed value multiplied by the county's current common level ratio).  By tradition (not by law) the tax is usually divided equally between buyer and seller, but it will usually be spelled out in the agreement.  Public sale Conditions (in my area at least) are usually written to require the buyer to pay the full tax.

     

    It's paid to the Recorder of Deeds, usually in the same check that pays the recording fees, but some counties require separate checks for it – one for the PA portion and one for the remainder - but always payable to the Recorder.

     

    The tax is due from the date of "acceptance" by the grantee of the instrument of transfer - so there is a due date, but it's not necessarily the date of signing - a deed may be signed early for any number of reasons but held in escrow until actual transfer; tax is not due until transfer.  If a taxable transfer occurs but a document is not recorded at that time and therefore the tax is not paid, interest is due to PA on the tax after a certain amount of time.  This is not an issue in any typical closing no matter how early the seller/grantor may wish to sign, but the possibility of interest being due is something to be aware of if you're doing something atypical.

     

    There's a PA Department of Revenue form (REV-183 Realty Transfer Tax Statement of Value) to be attached to any document where the tax is not simply 2% of the purchase price stated in the document (or if exempt, if the reason for exemption can't be simply stated in the document).  It's never needed if you just have a typical deed with consideration stated, and family transfer exemptions are usually just stated in the document and no form attached; other scenarios generally require the form, but county rules about use of the form vary a bit, so you have to know your county.

     

    There is list of exceptions: certain family transfers (between spouses, parents and children, grandparents and grandchildren, siblings), inheritance, to/from a trust, and some fairly specific exemptions involving things like farming and certain real estate entities.

     

    PA Dept. Revenue has a brief summary here: https://www.revenue.pa.gov/TaxTypes/RTT/Pages/default.aspx  with a link to the Revenue Code (section 91.193 details excluded transactions)

     

    Cynthia N. Zook

    Legal Assistant
    Blakinger Thomas, PC
    28 Penn Square

    PO Box 1889

    Lancaster, PA 17608-1889
    cnz@blakingerthomas.com

     

     




    ALTA Marketplace


  • 8.  RE: Tax stamps / Transfer taxes

    Posted 05-03-2023 09:53

    Here's info on Pennsylvania. Answers in red.

     

    When is it due?  At time of deed recording

    How much is it? How it is calculated? It's typically 2% of the purchase price and the buyer and seller each pay 1% at closing.  In the case of a dollar deed the transfer tax is based on the assessment times the common level ratio (CLR) for each county. See list of CLR's here: https://www.revenue.pa.gov/TaxTypes/RTT/Documents/clr_factor_current.pdf

    How do you remit it?  For most counties in PA it is remitted in 2 separate checks (1% each) payable to the Recorder of Deeds and accompanies the original Deed and check for recording fees when sent to the Recorder of Deeds office

    Are there exemptions?  There are exemptions parties or exempt transactions, see section 91.191 of PA Code

    https://www.pacodeandbulletin.gov/Display/pacode?file=/secure/pacode/data/061/chapter91/subchapItoc.html&d=reduce

    What else should I know?  Some counties in PA have a deviation from the 2% transfer tax see: https://anytimeestimate.com/property-tax/transfer-tax/

    Also, if you are filing for an exemption from realty transfer tax you must include a Rev-183 Realty Transfer Tax Statement of Value that can be found here: https://www.revenue.pa.gov/FormsandPublications/FormsforIndividuals/RTT/Pages/default.aspx

     

    Some counties, Philadelphia for example, require you submit Realty Transfer Tax Statements of Value with each deed recording, regardless if an exemption is claimed.  Philadelphia also has their own Realty Transfer Tax Statement of Value form that you must complete and send with the Deed for recording, along with the State form Rev-183 so it's best to check each county's requirements before recording a deed.

     

    Hope this was helpful!


    Betty Jo

     

     

     

    ORBadgeSMALL EMAIL

    image001

    --

    Betty Jo Howell (mailto:BJH@curtinheefner.com)

    Pennsylvania Abstract Company

    1040 Stony Hill Road, Suite 150, Yardley, PA 19067

    Phone: (215) 295-1136  FAX: (267) 759-1349

     




    ALTA Marketplace


  • 9.  RE: Tax stamps / Transfer taxes

    Posted 05-03-2023 10:10
    In NC, the statewide revenue stamps are as follows:

    - $1/$500 of purchase price or value received
    - Seller paid to the Register of Deeds when recording a deed based on the purchase price (or value received). The revenue stamps paid show on page 1 of the deed.
    - Some of our 100 counties have additional transfer taxes, but none that I can quote 
    - Federal government sellers are exempt

    Rob


    --

    Robert M Love, Attorney, rob@lovelaw.pro | 919-403-9545 phone | 919-403-9546 fax

    Love Law Firm PC, 1415 W NC Highway 54 Ste 112, Durham, NC 27707-5597




    ALTA Marketplace


  • 10.  RE: Tax stamps / Transfer taxes

    Posted 05-03-2023 11:47

    No transfer taxes in Utah.



    ------------------------------
    Kristeen Christensen
    Secretary/Treasurer
    Hickman Land Title Company
    Logan UT
    +1 (435) 752-0582
    ------------------------------

    ALTA Marketplace


  • 11.  RE: Tax stamps / Transfer taxes

    Posted 05-03-2023 12:29

    FLORIDA – 


    When is it due?  At the time you are recording your documents.

    How much is it? How it is calculated?

    Deed Documentary Stamps - $7.00 per thousand of the purchase price.

    Mortgage Documentary Stamps - $3.50 per thousand of the loan amount.

    Mortgage Intangible Tax - .002 x the loan amount.

    How do you remit it?  Most counties here will record electronically.  The electronic recording service pays for the recording; then they take those fees from an account we have set up for that purpose.  If the County does not record electronically, then we send a check along with the original documents that need to be recorded.

    Are there exemptions?  Yes, it is best to follow the instructions of the seller and/or lender; then question the particular County/State entity if unsure.  Some exemptions though . . . CUs – exempt from Intangible Tax on their mortgage / Some State/County entities on the deed out and the mortgage.

    What else should I know?



    ------------------------------
    Debbie Whittaker CLC
    Manager
    Members Title Agency, LLC
    Tampa FL
    +1 (813) 622-8833
    ------------------------------

    ALTA Marketplace


  • 12.  RE: Tax stamps / Transfer taxes

    Posted 05-03-2023 13:07

    Hello,
    In Oklahoma we have Mortgage tax and documentary stamps. 

    Documentary Stamps are collected on every sale.  It is based on: $1.50 per thousand of the sales price or $0.75 per $500.00 with a Minimum Accepted $0.75 
    (Any deed that is recorded without a sales price attached has to state what exemption is being used in order to not pay documentary stamps.  Section 3201 does not require a paragraph number because that was used as a way to state consideration was less than $100.00.  Section 3202 has Paragraphs that state different exemptions and you must pick one.  Those include family transfers; correction deeds; release of properties after a debt is paid in full, etc.)

    Mortgage Tax is collected on all mortgages except for Exempt Credit Unions.  The table is as follows:

    1. A tax of ten cents ($0.10) for each One Hundred Dollars ($100.00) and each remaining fraction thereof where such mortgage is for five (5) years or more; (Easier stated as: $1.00 per $1,000.00)

    2. A tax of eight cents ($0.08) for each One Hundred Dollars ($100.00) for each mortgage where such mortgage is for four (4) years or more but less than five (5) years; (Easier stated as $0.80 per $1,000.00)

    3. A tax of six cents ($0.06) for each One Hundred Dollars ($100.00) where such mortgage is for three (3) years or more but less than four (4) years; (Easier stated as $0.60 per $1,000.00)

    4. A tax of four cents ($0.04) for each One Hundred Dollars ($100.00) where such mortgage is for two (2) years or more but less than three (3) years; (Easier stated as $0.40 per $1,000.00) and

    5. A tax of two cents ($0.02) for each One Hundred Dollars ($100.00) where such mortgage is for less than two (2) years. (Easier stated as $0.20 per $1,000.00)

    Along with the mortgage tax, Oklahoma charges a $5.00 cert fee on each mortgage recorded.  If it is a correction mortgage, they do not recharge this fee since the cert is already affixed on the document from the 1st recording.

    Both of these are collected at closing and remitted to the county with the actual documents to be recorded.

    The recording charges are: $18.00 for the first page and $2.00 for each additional page.  This charge applies to the deed and the mortgage.



    ------------------------------
    Shawna Rhines
    State Escrow Manager
    First American Title Insurance Company
    Oklahoma City OK
    +1 (405) 552-7740
    ------------------------------

    ALTA Marketplace


  • 13.  RE: Tax stamps / Transfer taxes

    Posted 05-03-2023 14:07

    Thank you to everyone who has responded already. You are amazing!!

    So far I've received information for the following states:

    OK, VT, PA, FL, NC, IL, UT

    Let's keep it coming!



    ------------------------------
    Cheryl Evans
    Wicked Title Forum
    Online Business Support Community for the Title Industry
    https://community.wickedtitleforum.com/

    cheryl.evans@carnanco.info

    1-on-1 Consulting at www.carnanco.info
    ------------------------------

    ALTA Marketplace


  • 14.  RE: Tax stamps / Transfer taxes

    Posted 05-04-2023 06:13

    None in Texas.

    In Colorado, where I used to live:

    When is it due? At closing
    How much is it? How it is calculated? 2 cents per $100 of sales price
    How do you remit it? Paid with recording fees at County Clerk's office
    Are there exemptions? No
    What else should I know?  There are several western slope towns that have additional transfer taxes:
    Aspen 1.5  (plus additional Wheeler Opera House RETT 0.5%)
    Avon 2.0
    Breckenridge 1.0
    Crested Butte 3.0
    Frisco 1.0
    Gypsum 1.0
    Minturn 1.0
    Ophir 4.0
    Snowmass Village 1.0
    Telluride 3.0
    Vail 1.0
    Winter Park 1.0





    ------------------------------
    Cathy Clamp CTIP, NTP
    Escrow Officer
    Heart of Texas Title Co., LLC
    Brady TX
    +1 (325) 597-0796
    ------------------------------

    ALTA Marketplace


  • 15.  RE: Tax stamps / Transfer taxes

    Posted 05-04-2023 09:26

    In SC

    When is it due? Upon filing
    How much is it? How it is calculated?  $3.70 for every $1000
    How do you remit it?  If recorded in person, by check with the recording fees.  If efiling, it is invoiced to our firm with recording fees.
    Are there exemptions?  Yes, we complete an affidavit that states the reason for the exemption if applicable.
    What else should I know?  If an existing mortgage lien will remain on the property at the time of the transfer, the transfer taxes may be reduced by calculating the property value minus the lien amount.


    ------------------------------
    Lora Leathco
    Paralegal
    Capital City Title Agency, Inc.
    Columbia SC
    +1 (803) 277-4322
    ------------------------------

    ALTA Marketplace


  • 16.  RE: Tax stamps / Transfer taxes

    Posted 05-04-2023 12:41

    None in Arizona.



    ------------------------------
    Jeanine Wilson
    Escrow Officer
    Kensington Vanguard National Land Services, LLC
    New York NY
    +1 (480) 428-5577
    ------------------------------

    ALTA Marketplace


  • 17.  RE: Tax stamps / Transfer taxes

    Posted 05-04-2023 12:59

    Washington State:

    When is it due?
    At the time of filing transfer deed

    How much is it? How it is calculated?  
    Beginning January 1, 2023, ... a graduated tax scale based on the selling price of the property (RCW.45.060):
    $525,000.00 and less: 1.1% (plus local rate of .25% or.50%)
    Greater than $525,000.00 and less than or equal to $1,525,000.00: 1.28% (plus local rate .25% or .50%)
    Greater than $1,525,000.00 and less than or equal to $3,025,000.00: 2.75% (plus local rate .25% or .50%)
    Greater than $3,025,000.00: 3% (plus local rate .25% or .50%).

    How do you remit it?  Separate check payable to Spokane County Treasurer with a Real Estate Excise Tax form completed

    Are there exemptions?  Yes - See Chapter 458-61A WAC: https://apps.leg.wa.gov/wac/default.aspx?cite=458-61A

    What else should I know?  Real Estate Excise Tax is also due on transfers of  50% or more interest in an entity (corporation, partnership, llc) which holds real estate (unless an exemption applies) See WAC 458-61A

    __________________________________

    DENNETTE HAMMONS, LPO

    Commercial Escrow Officer | Lic No 11311
    Vista Title & Escrow
    201 W North River Drive #205, Spokane, WA 99201
    Office 509.328.7171 | Direct 509.321.4122
    dhammons@vistatitle.com | vistatitle.comFacebook 



    ------------------------------
    Dennette Hammons
    Commercial Closer
    Vista Title and Escrow, LLC
    Spokane WA
    +1 (509) 321-4122
    ------------------------------

    ALTA Marketplace


  • 18.  RE: Tax stamps / Transfer taxes

    Posted 05-05-2023 09:00

    Hi Cheryl - In all but three counties in Massachusetts it's $4.56 per $1,000 or part thereof payable at the time and method (checks, electronic) of recording. Legally the excise tax is the responsibility of the seller but the parties are free to give each other debits or credits so the buyer technically pays. There are no deductions. Most MA registries of deeds have online calculators for the excise tax stamps.

    In Barnstable County (Cape Cod) the rate is $6.48 per $1,000.

    In Dukes County (Martha's Vineyard) and Nantucket County (Nantucket) the excise rate is the same but in most cases the buyer has to pay a Land Bank tax of 2% at the time of recording. The rules  for paying the Land Bank tax are not straightforward so if you have a closing on real property in Dukes or Nantucket County you should review the Land Bank Commission website. Title examiners in both counties are well versed in Land Bank forms and payments and I have found them very helpful in taking care of Land Bank issues.



    ------------------------------
    Christopher Tolley
    Phillips & Angley
    Boston MA
    +1 (617) 367-8787
    ------------------------------

    ALTA Marketplace


  • 19.  RE: Tax stamps / Transfer taxes

    Posted 05-05-2023 11:16

    See https://www.dor.wa.gov/taxes-rates/other-taxes/real-estate-excise-tax




    ------------------------------
    Bill Holway
    Bill Holway
    Puyallup WA
    +1 (360) 689-3536
    ------------------------------

    ALTA Marketplace


  • 20.  RE: Tax stamps / Transfer taxes

    Posted 05-05-2023 12:05

    When is it due? at time of recording

    How much is it? How it is calculated? 
    Up to $150,000.00 = $4/$1,000
    $150K to $200K = $6.70/$1,000
    $200,001 and greater = $7.80/$1,000
    If the total consideration exceeds $350,000 then an additional General Purpose Fee is added as follows -
    up to $550,000  = $1.80/$1,000
    $550,000.01 to $850,000 = $2.80/$1,000
    $850,000.01 to $1,000,000 = $3.80/$1,000
    $1,000,000.01 and greater = $4.30/$1,000
     Here is the consolidated fee schedule
    1 Up to $150,000.00 ---$4.00 + $1.80 = $5.80
    2 $150,000.01 to $200,000.00 --- $6.70 + $1.80 = $8.50
    3 $200,000.01 to $550,000.00 --- $7.80 + $1.80 = $9.60
    4 $550,000.01 to $850,000.00 --- $7.80 + $2.80 = $10.60
    5 $850,000.01 to $1,000,000.00 --$7.80 + $3.80 = $11.60
    6 $1,000,000.01 or greater ---$7.80 + $4.30 = $12.10
    Additionally, if the consideration is $1,000,000 or more, the Buyer pays a 'Mansion Tax" which is one percent (1%) of the consideration.
    Additionally, every deed must be accompanied by a Seller's Residency Certification/Exemption form (GIT/REP-3) 
    Additionally, if the seller is a non-resident individual, estate or trust, estimated income tax on the gain earned by the seller by reason of the sale - but in no event less than 2% of the consideration stated in the deed.(even if there is no actual gain - seller would then file a normal income tax return to claim a refund)

    How do you remit it?   The Realty Transfer Fee has a separate form that is attached to the Deed, as does the Mansion Tax, as does the Non-Resident Income Tax form. Separate checks payable to the county for the RTF and Mansion Tax, and checks payable to the State of New Jersey for the Income Tax are all attached to the deed (no staples). Most NJ counties accept both e-filing and paper submissions.  

    Are there exemptions? Yes - for example, on the Seller's Residency Certification/Exemption form, there are 16 listed exemptions. and on the Realty Transfer Fee form there are 18 listed exemptions.

    What else should I know? Commercial, industrial and farm properties are subject to additional requirements. Although not a title issue, there is a Bulk Sales law that impacts all income producing properties, placing the burden on the buyer to request the State conduct an audit to ensure there are no taxes due from the seller. If not done as per statute, and it is determined post closing that taxes were due from the seller, it becomes the buyer's responsibility to pay the delinquent tax.



    ------------------------------
    Isidore Teitelbaum CTP
    NJ Underwriting Counsel
    Two Rivers Title Company, LLC
    West Long Branch NJ
    +1 (732) 747-3615
    ------------------------------

    ALTA Marketplace


  • 21.  RE: Tax stamps / Transfer taxes

    Posted 05-05-2023 10:11

    As a point of reference and plug for an ALTA resource, the ALTA TIRS State Compliance Guide contains a section on state and county transfer taxes and recording fees.  I find it a consistently helpful resource when researching multistate compliance issues.

    Jefferson (Jeff) E. Howeth

    SVP & General Counsel 

    AmTrust Title Insurance Company

    C: 972.365.6855

    O: 214.360.8410

    jefferson.howeth@amtrustgroup.com

    4455 LBJ Freeway, Suite 800

    Dallas, TX 75244

    www.amtrusttitlegroup.com



    ------------------------------
    Jefferson Howeth
    General Counsel
    AmTrust Title Insurance Company
    New York NY
    2143608410
    ------------------------------

    ALTA Marketplace


  • 22.  RE: Tax stamps / Transfer taxes

    Posted 05-12-2023 09:52

    We don't really have transfer taxes or stamps in Indiana. Our local Auditor charges $30 for a transfer with consideration, and $10 for a transfer without consideration. Some of the other Auditor's charge $10 per parcel number being transferred. We have to send with our recording. The Auditor check must be separate from the Recorder check.



    ------------------------------
    Andrea Ewan
    Manager
    Dearborn Title Insurance, Inc.
    Lawrenceburg IN
    +1 (812) 537-3844
    ------------------------------

    ALTA Marketplace


  • 23.  RE: Tax stamps / Transfer taxes

    Posted 05-15-2023 11:04

    We have Documentary Stamps/Transfer Tax in Florida.  It is $0.70 per $100, in every County except Miami Dade County, where it is $0.60 per $100.  Miami Dade also has Surtax on any properties other than a Residential property.  It is calculated at $0.35 per $100.



    ------------------------------
    Dee Harrison
    Alpha Reliable Title, Inc
    Orlando FL
    ------------------------------

    ALTA Marketplace


  • 24.  RE: Tax stamps / Transfer taxes

    Posted 05-12-2023 10:27
    Edited by Andrew Gaunter 05-12-2023 10:27

    For Ohio:
    Due at the time of recording
    Transfer tax can vary per county - most are between $2 - $4/$1,000; statewide transfer fee is $0.50/parcel
    If recording in person, via check to county auditor; if e-filing, via the e-file system to county auditor
    Yes, see this form: https://tax.ohio.gov/static/forms/real_property/dte_dte100ex.pdf



    ------------------------------
    Andrew Gaunter
    Administrator
    Network Land Title Agency
    Elyria, OH
    +1 (440) 322-5300
    ------------------------------

    ALTA Marketplace


  • 25.  RE: Tax stamps / Transfer taxes

    Posted 05-15-2023 08:36
      |   view attached

    ALTA has a great resource called "TIRS State Compliance Guide" that includes a section called "Transfer Taxes & Recording Fees" under Real Estate Practices. We have one guide per every state. You can see a free sample here.

     

    I hope it helps and let me know if I can help with anything else!

     

    Carolina

     

     

    Carolina Perez | Product Manager | American Land Title Association

    1800 M Street NW, Suite 300 South | Washington, DC 20036

    Direct: (202) 261-0309 | cperez@alta.org

     




    Attachment(s)

    doc
    20220527-DC-TIRS.doc   816 KB 1 version
    ALTA Marketplace


  • 26.  RE: Tax stamps / Transfer taxes

    Posted 05-12-2023 10:53

    New Hampshire - transfer tax statute is NH RSA 78-B and Department Of Revenue Rule 800

    When is it due?

    Upon recording of the deed

    How much is it? How it is calculated?

    $15/1000 - split between buyer and seller unless contracted for differently.

    How do you remit it?

    To the County Registry when you record the deed.

    Are there exemptions?
    Yes, many.  See NH RSA 78-B and Rev Rule 800

    What else should I know?

    The penalty for non-payment is 100%.  There is a transfer tax on certain exchanges of interest in a real estate holding company as well.


    ------------------------------
    Carol Willoughby
    New England Regional Counsel
    First American Title Insurance Co
    Concord NH
    +1 (603) 226-1613
    ------------------------------

    ALTA Marketplace


  • 27.  RE: Tax stamps / Transfer taxes

    Posted 05-23-2023 07:53

    Cheryl:

    I may be a bit late to the party, but the American Bar Association has a paper on transfer taxes across the US.  I thought you might want to have the references to all 35 such taxes. This comes from an article entitled:  The Legal History, Incongruous Variations, and Outer reaches of the Real Estate Transfer Tax by Charles Szypszak:

    The statutes governing a real estate transfer tax appear in the state codes in multiple sections describing its application, rates, any supplemental taxes, exceptions, penalties, procedures, and any local options. The following are the core statutes describing the basic nature of the tax in the states that have it. Ala. Code § 40-22-1; Ark. Code Ann. § 26-60-105; Cal. Rev. & Tax Code § 11911 (Deering); Colo. Rev. Stat. Ann. § 39-13-102; Conn. Gen. Stat. Ann. § 12-494; Del. Code Ann. tit. 30, § 5402; D.C. Code Ann. § 47-903; Fla. Stat. Ann. § 201.02; Ga. Code Ann. § 48-6-1; Haw. Rev. Stat. Ann. § 247-2; 35 Ill. Comp. Stat. Ann. § 200/3110; Iowa Code § 428A.1; Ken. Rev. Stat. Ann. § 142.050; Me. Stat. tit. 36, § 4641-A; Md. Code Ann. Tax-Prop. § 12-103; Mass. Ann. Laws ch. 64D, § 1; Mich. Comp. Laws Serv. § 207.525; Minn. Stat. Ann. § 287.21; Neb. Rev. Stat. § 76-901; Nev. Rev. Stat. § 375.020; N.H. Rev. Stat. Ann. § 78-B:1; N.J. Stat. Ann. § 46:15-7; N.Y. Tax Law §§ 1402, 1402-A; N.C. Gen. Stat. § 105-228.30; Ohio Rev. Code Ann. § 322.02; Okla. Stat. Ann. tit. 68, § 3201; 72 PA. Cons. Stat. § 8102-C; 44 R.I. Gen. Laws Ann § 44-25-1; S.C. Code Ann. § 12-24-10; S.D. Codified Laws § 43-4-21; Tenn. Code Ann. § 67-4-409(a); Vt. Stat. Ann. tit. 32, § 9602; Va. Code Ann. § 58.1-801; Wash. Admin. Code § 458-61A-1001; W. Va. Code § 11-22-2; Wis. Stat. § 77.22. The states without a state-wide real estate transfer tax are Alaska, Arizona, Idaho, Indiana, Kansas, Louisiana, Mississippi, Missouri, Montana, New Mexico, North Dakota, Oregon, Texas, Utah, and Wyoming.



    ------------------------------
    Marshal Granor Esq.
    President
    Attorneys' & Brokers' Abstract Company
    Horsham PA
    +1 (215) 830-1100
    ------------------------------

    ALTA Marketplace


  • 28.  RE: Tax stamps / Transfer taxes

    Posted 05-25-2023 06:46

    Not late to the game at all Marshal. Thank you very much!

    And thank  you to everyone else as well. This is all been very helpful.



    ------------------------------
    Cheryl Evans
    Wicked Title Forum
    Online Business Support Community for the Title Industry
    https://community.wickedtitleforum.com/

    cheryl.evans@carnanco.info

    1-on-1 Consulting at www.carnanco.info
    ------------------------------

    ALTA Marketplace