A "determination" is sent directly to you by the PA Department of Revenue. When the state investigator determines the property being sold is worth more than stated or if the reason for exemption is not valid, additional transfer tax may be assessed. Here are the current Common Level Ratio Factors for July 1, 2023-June 30, 2024:Ĭommon Level Ratio Factors Additional Transfer Tax Visit the PA Department of Revenue's Realty Transfer Tax Forms page to access the Realty Transfer Tax Statement of Value forms from the state. State investigators then check the property and see if the value is as stated or if the reason given for exemption is valid. It must be presented in duplicate and is forwarded by us to the Department of Revenue.Īnytime the transfer tax is not paid or anytime the true value of the land is not shown on the deed (such as in a $1 consideration), a statement of value is needed. ![]() This is a specific state form that is used either to set the value of the property being conveyed or to give the reason for exemption. It is always best to consult an attorney or contact our office at 21 for any questions. Other exemptions are allowed in certain situations. A one-time transfer is allowed between former spouses. Some examples would be conveyances between husband and wife, parents and child, grandparent and grandchild, brothers and sisters. Some transactions are exempt from Transfer Tax. However, the new owner is responsible if there is any question over the amount paid. In most sale agreements, the seller and buyer divide the tax. State and local governments do not stipulate who pays the Transfer Tax. The 2% Transfer Tax is paid at the time of recording. ![]() This value is not necessarily the sales price. There is a Transfer Tax of 2% (1% to the state and 1% to the municipality and school district) for all property sales in Pennsylvania on the value of the property or interest being conveyed.
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