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When must a Realty Transfer Tax Statement of Value accompany a deed?

April 26, 2017accompany deed Realty tax transfer value

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When must a Realty Transfer Tax Statement of Value accompany a deed?

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All deeds claiming exemption from Deed Transfer Tax, (with the exception of familiar transfers), must be accompanied by a fully executed Statement of Value in duplicate. “Section E. Exemption Data” must specify the exemption claim. Typically, estate deeds, deeds conveying property to a living trust, and all deeds in lieu of foreclosure, (including Sheriff Deeds), must always be accompanied by a Statement of Value. Refer to “Section E” for additional property transfer exemptions. Taxable transactions that do not declare a consideration must also be accompanied by a Statement of Value. Transfer tax must be paid on “Section D, Valuation Data.” The Valuation data is calculated on the Current Assessed Value of the property times (x) the Common Level Ratio Factor which then becomes the Adjusted Fair Market Value. “Section D, Box #6.