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Quality Title & Abstract Agency - Smitty Strickland/SC
9/14/2012 5:53:37 PM (1601 views)

Quality Title & Abstract Agency - Rick Huguenin/SC
9/14/2012 3:58:32 PM (1707 views)

[+] RELEASES - F P/VA (6 replies)
9/14/2012 10:29:30 AM (1707 views)

[+] it boss - rod hefner/KS (2 replies)
9/14/2012 7:48:21 AM (1625 views)

[+] Going to stick my neck out one more time. - Nils Nelson/ME (2 replies)
9/13/2012 10:04:26 PM (1813 views)


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[+] Beware of emails from SOT - Louise Jackson/SC (4 replies)
9/13/2012 5:04:51 PM (1866 views)

[+] The Good, Bad or The Ugly - AbstractorWatchdog com/NY (1 reply)
9/12/2012 6:01:57 PM (2061 views)

[+] Global Data/Title Prep - Anne Neff/VA (6 replies)
9/12/2012 3:19:26 PM (2033 views)

[+] Knowledge Splice??? - Susan Raynard/MA (3 replies)
9/11/2012 9:27:28 AM (3477 views)

[+] GoDaddy goes down - Dan Zook/NY (8 replies)
9/10/2012 2:51:13 PM (2283 views)

[+] MORTILES - Deborah Jackson/GA (12 replies)
9/6/2012 10:33:19 AM (4749 views)

[-] Avoiding transfer tax? - Alix Ott/MI (9 replies)
9/5/2012 4:25:05 PM (1584 views)
Re: Avoiding transfer tax? - Leigh Attridge/MA
9/5/2012 7:53:16 PM (1221 views)
Re: Avoiding transfer tax? - Alix Ott/MI
9/6/2012 8:08:31 AM (1126 views)
Re: Avoiding transfer tax? - Leigh Attridge/MA
9/6/2012 8:58:42 AM (1075 views)
Re: Avoiding transfer tax? - Alix Ott/MI
9/6/2012 9:08:27 AM (1050 views)
Re: Avoiding transfer tax? - Leigh Attridge/MA
9/6/2012 9:26:30 AM (1089 views)
Re: Avoiding transfer tax? - Richard Olson/MD
9/6/2012 12:00:18 AM (1115 views)
Re: Avoiding transfer tax? - Alix Ott/MI
9/6/2012 8:10:23 AM (1058 views)
Re: Avoiding transfer tax? - Robert Franco/OH
9/6/2012 3:48:03 PM (1228 views)

In Ohio, the transfer tax is based on the "value of the real property or interest in real property located within the boundaries of the county granted, assigned, transferred, or otherwise conveyed by the deed."  Thus, the transfer tax is based on the value, not the sales price.  However, in an arm's length transaction, the best measure of value is the sales price.

There can be a difference in the value or sales price, and the mortgage.  The mortgage could include property in another county, where a separate, and similar mortgage is filed.  You said this is residential property, but in a commercial transaction, part of the sales price could include personal property not subject to the transfer tax.

In Ohio, if there appears to be discrepancy between the amount shown for transfer tax purposes and the value of the property, I believe that the Department of Taxation could invstigate and send an letter inquiring of the circumstances.  I have seen this where a motor vehicle is transferred for $0.00 - and it appears that the sales price was listed as zero to avoid sales tax.  However, there is often a legitimate reason, such as a gift to a relative, and the Department will give the parties a chance to explain the unusual ccircumstances.

I am curious... what does the county show as the value of the property for tax purposes?  That might give an indication of whether the appropriate tax was paid, but it is certainly not conclusive.

Best,
Robert A. Franco
SOURCE OF TITLE

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Re: Avoiding transfer tax? - Jeffrey Land/NJ
9/10/2012 10:16:44 AM (983 views)

[+] I'm registered for the NAILTA Conference in Baltimore! - Robert Franco/OH (1 reply)
9/4/2012 11:39:30 AM (1968 views)

In Ruined Apartments A Symbol of Ireland's Fall - Leigh Attridge/MA
9/3/2012 3:08:55 PM (1866 views)

Labor Day - Leigh Attridge/MA
8/28/2012 2:43:26 PM (1735 views)


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