How is the transfer of manufactured housing taxed? Transfers of interests in certain low-income housing projects subject to federal, state, or local land use restriction and rental housing affordability covenants which limit allowable rents charged to individuals or families, provided that the RETT was paid when the real property title was acquired.Ī non-contractual transfer is essentially a gift and is evidenced by the transferor's donative intent toward the transferee, actual delivery of the property to the transferee, and complete relinquishment of control over the property.Transfers that occur by devise, by intestate succession and descent, or by the death of a joint tenant.Transfers to the state of NH, or a county, a municipality, or other political subdivision of the state of NH.Filing of a deed or other instrument that corrects a deed.Transfers between spouses pursuant to a final decree of divorce or nullity.The term "related parties" encompasses individuals related by blood or law, individuals and the entities they own, and entities sharing common ownership, directly or indirectly.Ī real estate holding company is an organization which is engaged principally in owning, holding, selling, or leasing real estate and which owns real estate or an interest in real estate within the state. For exchanges involving property or services, the tax is based on fair market value.įor transfers of interests in holding companies, the tax is based on the fair market value of the interest attributable to New Hampshire real estate.įair market value is the price the property would command in an arm's length transaction between a willing buyer and a willing seller.For transactions between related parties in which the consideration stated is unsupported, the tax will be assessed on the fair market value of the property.For transactions in which the consideration paid is $4,000 or less, the minimum tax is due ($20 from the buyer and $20 from the seller).IRC § 1031 like-kind exchanges and other real estate for real estate swaps.įor most arms length transactions, the tax is based on the actual price or consideration agreed to by the parties.
Transfers of interests in real estate holding companies.Transfers of interests in time-share properties.Transfers of standing timber or exclusive rights to extract soil, gravel, minerals or other like materials from the land of another.Transfers through deed issued as a result of a sheriff's sale.Leases of real estate for 99 years or longer, inclusive of renewal rights whether exercised or not.Transfers through foreclosure or by deed in lieu of foreclosure.Sale or granting of a right-of-way or an easement on property.In such circumstances, the tax only applies to the counterparty, and not to the U.S. government or with any of its agencies, instrumentalities or any government corporation that is specifically exempt from state tax per federal law. In such circumstances the tax applies only to the buyer. Transfers from the state of NH, a county, municipality, or other political subdivision of the state.Transfers between related business entities.Transfers between a business entity and its owners.Examples of contractual transfers include: The tax is imposed on both the buyer and the seller at the rate of $.75 per $100 of the price or consideration for the sale, granting, or transfer.Īll contractual transfers are subject to tax unless specifically exempt under RSA 78-B:2.
HAWAII CONVEYANCE TAX ON COMMERCIAL CODE
The statute imposing the tax is found at RSA 78-B and NH Code of Administrative Rules, Rev 800. The RETT is a tax on the sale, granting, and transfer of real property or an interest in real property. What is the Real Estate Transfer Tax (RETT)?
0 kommentar(er)
