Real Estate Transfer Tax
February 14th, 2010 B. Slade
Real Estate Transfer Tax is paid to the government whenever real property is granted, sold or transferred interest. This type of tax is also levied on holding companies of real estate. The government computes the amount of tax you need to pay based on determining factors relative to the real estate you have acquired.
There are some instances when payment of real estate transfer tax is exempted. Here are some common exceptions:
1. Gifts
2. Transfer of title to spouse due to divorce or nullity
3. Transfer to the State
4. Correction of deeds previously issued
5. Purchased at tax sale
6. Cemetery plots transfer
7. Transfer by law regulation
8. Transfer to a partner, in a partnership, due to death of a partner
9. Initial sale of manufactured housing