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Conveyance tax Rate-2 Tier New Implementation Procedures of Conveyance Tax
Facts:
1.Purchaser and Seller must sign the Conveyance Tax Certificate document. An agent must have a power of attorney if signing for a buyer or seller.
2.The higher tier conveyance tax rate (see below) will ONLY apply to condominiums and single family residence for which the purchaser is INELIGIBLE for a county homeowner's exemption. If the purchaser is eligible for a county homeowner's exemption on a condominium or single family residence, use the lower tier conveyance tax rate. Comercial, timeshare, agricultureal, industrial, etc. will be taxed on the lower tier.
3. Implementation Date (according to the Bureau of Conveyance)
According to Act 156, the effective date is July 1. However, the Bureau of COnveyance may accept Form P-64A under the old conveyance tax rate if it is signe on or before June 30. Extention information will be forthcoming.
Conveyance Tax Rates-2 Tier
LOWER TIER: For all transfers or conveyance of realty or any interest (i.e. commercial, timeshare, agricultural, industrial, etc, and condominium or single family residence for which the purchaser s eligible for a county homeowner's exemption):
$1.00 to $599,99,99 - $.10 per $100, rounded to the nearest $.10
$600,000 to $999,999,99 - $.20 per $100, rounded to nearest $.10
$1,000,000 and above - $.35 per $100,rounded to nearest $.10
Higher Tier: Only for the sale of a condominium or single family residence for which the purchaser is ineligible for a county homeowner's exemption:
1.00 to $599,99.99 - $.15 per $100, rounded to nearest $.10
$$600,000 to $999,999,99 - $.25 per $100, rounded to nearest $.10
$1,000,000 and above - $.35 per $100,rounded to nearest $.10
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