NAME CITY Code § 19-1405(18). The Department of Records (DOR) published data for all documents recorded since December 06, 1999, including all real estate transfers in Philadelphia. Philadelphia just dramatically tightened its realty transfer tax rules to impose more realty transfer tax. In 2000, the 3 percent transfer tax raised about $70 million. Rate Increase – Effective Date: 1/1/2017 Effective January 1, 2017, the Philadelphia Realty Transfer Tax will increase from 3.0% to 3.1%. Philadelphia Real Estate Transfer Tax Download PDF Philadelphia beginning July 1, 2017, will begin to tax transfers of interests in real estate entities based on the selling price of the entity, rather than the “computed value” (assessed value*1.02) of the realty. Unfortunately, the exemption for certain parties does not benefit the everyday real estate developer or homebuyer. All types of real property, including residential, commercial, and agricultural, are subject to the transfer tax. If more space is needed, attach additional sheet(s). birth certificate, marriage license, etc.). You should pay Realty Transfer Tax at the time the sale document is presented for recording. Fifteen years later, that same tax — at the same rate — brought in just over $200 million. Phila. There is a common misconception that transfers are tax exempt if you are the owner of an LLC and you transfer the property from yourself to your own LLC or vice-versa. Document type, grantor, and grantee information is presented by address for each transaction. Documents showing ownership include: The tax is usually split evenly between the buyer and the seller, but this is not a legal requirement. This tax consisted of a 3% Philadelphia tax and a 1% State tax. Properties transferred under a will are also exempt, but properties purchased from an estate are not. Rather than sell the real estate directly and record a traditional deed to evidence the transaction, it is common practice to sell ownership interests in the company that holds title to … Diversity, inclusion, accessibility & immigration, Report a change to lot lines for your property taxes, Enroll in the Real Estate Tax deferral program, Set up a Real Estate Tax installment plan, Low-income senior citizen Real Estate Tax freeze, Set up an Owner-occupied Real Estate Tax payment agreement (OOPA), Get a nonprofit real estate tax exemption, Get a real estate tax adjustment after a catastrophic loss, Find a licensed contractor and contractor information, Save your home from mortgage and tax foreclosure, Apply for a grant to clear your home’s title, Services for people experiencing homelessness, Get a Vacant Residential Property License, Get home repairs and modifications for seniors, Apply for a low-interest home improvement loan, Report a problem with a building, lot, or street, Register 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instructions for completing philadelphia real estate transfer tax certification Section A Correspondent: Enter the name, address and telephone number of party completing this form. Philadelphia Real Estate Transfer Tax Selling Property without a Realtor Blockchain Foreclosure Sales AirnBnB vs. Luckily, it is customary (but not legally required) for the buyer and seller to split the transfer taxes evenly. All family exemptions require documentation. It is essential that before you begin renting out any residential property in Philadelphia, you must first obtain the proper licenses and, If you are considering buying a property at a Philadelphia tax foreclosure auction, there is one important procedure to be aware of—the, Are you thinking about purchasing your first home? Below are a few of the more notable exemptions: One of the most popular transfer tax exemptions is the intra-family exemption. Finally, Philadelphia also exempts a transfer to a nonprofit housing organization where the nonprofit intends to renovate the property and transfer it within three years to an eligible transferee. Pennsylvania imposes a 1% transfer tax on the value of the real estate being transferred, while Philadelphia imposes a 3.278% tax on the value of the real estate being transferred. Section 21 excludes transfers of interest in stock, a proprietary lease, or an occupancy agreement in a cooperative housing corporation or other organization established for the purpose of transferring interests in property on a not for profit basis. Please be aware that Philadelphia has increased its share of the transfer tax to be paid at closing from 3.10% to 3.278% effective July 1, 2018.. 160810 resulting in significant changes to the Philadelphia Realty Transfer Tax (RTT). The Philadelphia transfer tax can add a substantial cost to many real estate transactions. Realty Transfer Tax is due when you present the sale document for recording. Realty transfer tax is imposed upon any document that effectuates or evidences the transfer of title to real estate located within the Commonwealth, 72 P.S.
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