Transfer Tax


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Transfer Tax

The charge levied by the government on the sale of shares of stock. A charge imposed by the federal and state governments upon the passing of title to real property or a valuable interest in such property, or on the transfer of a decedent's estate by inheritance, devise, or bequest.

The states also impose transfer tax on deeds used to convey real property.

References in periodicals archive ?
The city government has not increased the RPT and transfer tax since 2005.
Modernize the Land Transfer Tax to reflect the current real estate market, including increasing rates on one or two single-family residences over $2 million.
Finally the government made a new increase last year by making the transfer tax rate 4 percent, again based on the value of the property.
The consideration, for real estate transfer tax purposes, would be $600,000 (60% x $1 million).
In the flood of bills introduced during most Oregon legislative sessions, there's usually a bill to pave the way for a real estate transfer tax.
We are pleased to enter the market and provide a very competitive, alternative data source to title and settlements agents, who depend on accurate recording fee and transfer tax amounts to close a residential real estate transaction.
Beginning with the example of New York in 1986, a number of jurisdictions that imposed a transfer tax now require taxpayers who engage in these types of transfers to pay the tax.
One common ploy, perfectly legal, is to transfer a vacation home into joint ownership with children, which reduces its value for transfer tax purposes because of the manufactured difficulty in selling the property to third persons.