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.
These changes could alter the
transfer tax consequences to a settlor's transfers to a South Dakota DAPT.
To my knowledge, the previous real estate
transfer tax rule is unique in the United States.
For
transfer tax purposes, however, the residency test is a facts-and-circumstances test based on the concept of domicile.
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.
However, not unlike most of the income tax provisions, these
transfer tax provisions are temporary.
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.
