Philadelphia Form Transfer Tax PDF Details

The Philadelphia Transfer Tax form plays a crucial role in real estate transactions within the city, ensuring that the transfer of property is properly documented and taxed in accordance with city regulations. This form is required to be filed in duplicate with the Recorder of Deeds under three main circumstances: when the full consideration or value is not set forth in the deed, when the deed involves consideration or is a gift, or when a tax exemption is claimed. The form is meticulously structured into several sections, including correspondent information, transfer data, property location, valuation data, and exemption data, each designed to capture specific details about the transaction. For proper completion, the form requires details such as names and addresses of the parties involved, the location of the property, the actual cash consideration, other considerations contributing to the total consideration, and the county assessed value along with the common level ratio factor to determine the fair market value. The exemption section is particularly noteworthy for its provision to claim various tax exemptions, making the process transparent and accommodating diverse transaction scenarios. Significantly, the form also mandates the signature of a responsible party, ensuring accountability and the accuracy of the information provided, thereby reinforcing its importance in the legal documentation and taxation process of real estate transfers in Philadelphia.

QuestionAnswer
Form NamePhiladelphia Form Transfer Tax
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesphiladelphia deed transfer form, how to philadelphia transfer, phila real estate transfer tax, philadelphia form transfer

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PHILADELPHIA REAL ESTATE TRANSFER TAX CERTIFICATION

DOC. ID

DATE RECORDED

CITY TAX PAID

Complete each section and fi le in duplicate with Recorder of Deeds when (1) the full consideration/value is/is not set forth in the deed, (2) when the deed is with consideration, or by gift, or (3) a tax exemption is claimed. If more space is needed, attach additional sheet(s).

A.CORRESPONDENT — All inquiries may be directed to the following person:

NAME

TELEPHONE

NUMBER:

AREA CODE

(

)

STREET ADDRESS

CITY

STATE

ZIP CODE

B.TRANSFER DATA

GRANTOR (S) / LESSOR (S)

DATE OF ACCEPTANCE OF DOCUMENT:

GRANTEE (S) / LESSEE (S)

STREET ADDRESS

STREET ADDRESS

CITY

STATE

ZIP CODE

CITY

STATE

ZIP CODE

C.PROPERTY LOCATION

STREET ADDRESS

CITY, TOWNSHIP, BOROUGH

COUNTY

SCHOOL DISTRICT

TAX PARCEL NUMBER

D.VALUATION DATA

1.

ACTUAL CASH CONSIDERATION

2.

OTHER CONSIDERATION

3.

TOTAL CONSIDERATION

 

 

 

+

 

=

 

 

 

 

 

 

4.

COUNTY ASSESSED VALUE

5.

COMMON LEVEL RATIO FACTOR

6.

FAIR MARKET VALUE

 

 

 

x

 

=

 

 

 

 

 

 

E.EXEMPTION DATA

1A. PERCENTAGE OF EXEMPTION

1B. PERCENTAGE OF INTEREST CONVEYED

2. Check Appropriate Box Below for Exemption Claimed

Will or intestate succession ________________________________________________________________________.

(NAME OF DECEDENT)

(ESTATE FILE NUMBER)

Transfer to Industrial Development Agency.

Transfer to agent or straw party. (Attach copy of agency/straw party agreement).

Transfer between principal and agent. (Attach copy of agency/straw trust agreement). Tax paid prior deed $ ________.

Transfers to the Commonwealth, the United States, and Instrumentalities by gift, dedication, condemnation or in lieu of condemnation. (Attach copy of resolution).

Transfer from mortgagor to a holder of a mortgage in default. Mortgage Book Number _______ , Page Number _____ .

Mortgagee (grantor) sold property to Mortgagor (grantee) (Attach copy of prior deed).

Corrective deed (Attach copy of the prior deed).

Other (Please explain exemption claimed, if other than listed above.)

Under penalties of law or ordinance, I declare that I have examined this Statement, including accompanying information, and to the best of my knowledge and belief, it is true, correct and complete.

SIGNATURE OF CORRESPONDENT OR RESPONSIBLE PARTY

DATE

82-127 (Rev. 9/11)

(SEE REVERSE)

INSTRUCTIONS FOR COMPLETING PHILADELPHIA REAL ESTATE TRANSFER TAX CERTIFICATION

Section A Correspondent: Enter the name, address and telephone number of party completing this form.

Section B Transfer Data: Enter the date on which the deed or other document was accepted by the Party(ies). Enter the name and address of the Grantor(s)/Lessor(s) and Grantee(s)/Lessee(s). You must list all names.

Attach additional sheet(s) with full name and address of parties involved, if necessary. You reserve the right to, etc.

Section C Property Location: This section deals with the property being transferred; complete fully. Include the tax parcel number where applicable and the county where the Statement is being filed.

Section D Valuation Data: Complete for all transactions.

1.Actual Cash Consideration - Enter that amount.

2.Other Consideration - Enter the total amount of non-cash consideration such as property and securities. Include mortgages and liens existing before the transfer and not removed thereby, and the agreed consideration for the construction of improvements.

3.Total Consideration - Indicate on line 3 the total of lines 1 and 2. This will be the total consideration for the purchase of the property.

4.County Assessed Value - Enter the actual assessed value of the property as per records of the county assessment office.

5.Common Level Ratio Factor - Enter the county common level ratio factor applicable for the county in which the property is located. An explanation of this factor is provided below.

6.Fair Market Value - Multiply the county assessed value (4) and the county common level ratio factor

(5) and enter the result in block 6.

Section E Exemption Data: Complete only for transactions where an exemption is claimed.

1a. Percentage of Exemption - Enter the percentage of the total consideration claimed as exempt.

1b. Percentage of Interest Conveyed - Enter percentage of interest conveyed.

2.Check Appropriate Box for Exemption Claimed - Boxes are provided for the most often used Pennsylvania realty exemptions. Each is explained in order of appearance on the Realty Transfer Statement of Value form.

"Will or Intestate Succession" - A transfer by Will for no or nominal consideration, or under the intestate succession laws is exempt from tax. Provide the name of the decedent and estate fi le number in the space provided.

"Transfer To or From Agent or Straw Party" - A transfer to or from an agent is exempt from tax if a transfer to or from the agent's principal by the third party would be exempt from tax. Attach a copy of the agency/straw party agreement and a statement explaining the exemption claimed.

"Transfer Between Principal and Agent" - A transfer between an agent or principal for no or nominal consideration is exempt. Attach a copy of the agency/straw trust agreement. Enter the tax paid on the prior deed in the space provided.

"Transfer to the Commonwealth, the United States and Instrumentalities by Gift, Dedication, Condemnation or in lieu of Condemnation." - (Attach a copy of resolution)

"Transfer from Mortgagor to Holder of a Mortgage in Default" - A transfer from a mortgagor to a holder of a mortgage in default, whether pursuant to a foreclosure or in lieu, thereof, is exempt. Provide the mortgage book number and page number where mortgage is recorded, and property was transferred directly from the Mortgage to the Mortgagor.

"Corrective Deed" - A deed for no or nominal consideration which corrects a deed that was previously recorded but does not extend or limit the title or interest under the prior deed is exempt from tax. (Attach copy of the prior deed).

"OTHER" (PLEASE EXPLAIN EXEMPTION CLAIMED IF OTHER THAN THOSE LISTED ABOVE.) When claiming an exemption other than those listed, you must specify which exemption is claimed. When possible, provide the applicable statutory citation. Attach additional pages, if necessary.

COMMON LEVEL RATIO FACTOR

This is a property valuation factor provided by the Department of Revenue by which the county assessed value is multiplied to determine the taxable value of real estate for all non-arm's length transactions, leases and acquired companies. The factor is base on the common level ratio established by the State Tax Equalization Board. The common level ratio is a ratio of assessed values to current fair market values as reflected by actual sales of real estate in each county. A statewide list of the factors is available at the Recorder of Deeds' offi ce in each county.

THIS STATEMENT MUST BE SIGNED BY A RESPONSIBLE PERSON CONNECTED WITH THE TRANSACTION.

82-127 Reverse (Rev. 9/11)

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This PDF will need particular data to be filled in, so make sure to take the time to fill in exactly what is requested:

1. First of all, once filling out the philadelphia transfer tax form, begin with the area with the next blank fields:

Filling in section 1 in philadelphia real estate transfer tax certification

2. Soon after finishing the last step, go on to the subsequent part and enter all required particulars in all these blanks - CITY, STATE, ZIP CODE, CITY, STATE, ZIP CODE, C PROPERTY LOCATION, STREET ADDRESS, CITY TOWNSHIP BOROUGH, COUNTY, SCHOOL DISTRICT, TAX PARCEL NUMBER, D VALUATION DATA, ACTUAL CASH CONSIDERATION, and COUNTY ASSESSED VALUE.

Completing segment 2 in philadelphia real estate transfer tax certification

It's simple to get it wrong when filling in your STATE, hence make sure that you take a second look before you'll finalize the form.

3. In this particular part, review Transfer to agent or straw party, Transfer between principal and, Transfers to the Commonwealth the, of condemnation Attach copy of, Transfer from mortgagor to a, Mortgagee grantor sold property to, Corrective deed Attach copy of the, Other Please explain exemption, Under penalties of law or, SIGNATURE OF CORRESPONDENT OR, DATE, Rev, and SEE REVERSE. All these are required to be filled in with greatest precision.

Step # 3 of filling out philadelphia real estate transfer tax certification

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