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[+] Comment on "Florida Title Agency Owner Accused of Illegally Pocketing $3.3 Million" - Source of Title/OH (3 replies)
9/18/2012 7:22:06 PM (2703 views)

A Condo was Sold- Until it Wasn't - Leigh Attridge/MA
9/16/2012 5:40:34 PM (3558 views)

[+] AccuSearch - Deborah Jackson/GA (8 replies)
9/14/2012 11:30:15 PM (3316 views)

Quality Title & Abstract Agency - Smitty Strickland/SC
9/14/2012 5:53:37 PM (2327 views)

Quality Title & Abstract Agency - Rick Huguenin/SC
9/14/2012 3:58:32 PM (2399 views)




[+] RELEASES - F P/VA (6 replies)
9/14/2012 10:29:30 AM (2695 views)

[+] it boss - rod hefner/KS (2 replies)
9/14/2012 7:48:21 AM (2635 views)

[+] Going to stick my neck out one more time. - Nils Nelson/ME (2 replies)
9/13/2012 10:04:26 PM (2843 views)

[+] Beware of emails from SOT - Louise Jackson/SC (4 replies)
9/13/2012 5:04:51 PM (2905 views)

[+] The Good, Bad or The Ugly - AbstractorWatchdog com/NY (1 reply)
9/12/2012 6:01:57 PM (3319 views)

[+] Global Data/Title Prep - Anne Neff/VA (6 replies)
9/12/2012 3:19:26 PM (3005 views)

[+] Knowledge Splice??? - Susan Raynard/MA (3 replies)
9/11/2012 9:27:28 AM (4450 views)

[+] GoDaddy goes down - Dan Zook/NY (8 replies)
9/10/2012 2:51:13 PM (4561 views)

[+] MORTILES - Deborah Jackson/GA (12 replies)
9/6/2012 10:33:19 AM (6055 views)

[-] Avoiding transfer tax? - Alix Ott/MI (9 replies)
9/5/2012 4:25:05 PM (2524 views)
Re: Avoiding transfer tax? - Leigh Attridge/MA
9/5/2012 7:53:16 PM (2666 views)
Re: Avoiding transfer tax? - Alix Ott/MI
9/6/2012 8:08:31 AM (2562 views)
Re: Avoiding transfer tax? - Leigh Attridge/MA
9/6/2012 8:58:42 AM (2512 views)
Re: Avoiding transfer tax? - Alix Ott/MI
9/6/2012 9:08:27 AM (2447 views)
Re: Avoiding transfer tax? - Leigh Attridge/MA
9/6/2012 9:26:30 AM (2521 views)
Re: Avoiding transfer tax? - Richard Olson/MD
9/6/2012 12:00:18 AM (2544 views)
Re: Avoiding transfer tax? - Alix Ott/MI
9/6/2012 8:10:23 AM (2489 views)
Re: Avoiding transfer tax? - Robert Franco/OH
9/6/2012 3:48:03 PM (2765 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 (2357 views)


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