Real Property Conveyance Fee - Ohio Department of …

1 Local Taxes tax. 113. real Property Conveyance Fee Taxpayer to a grantee other than a dealer, solely The real Property Conveyance fee is paid by for the purpose of, and as a step in, the persons who make sales of real estate or used prompt sale to others. manufactured homes. to sales or transfers to or from a person when no money or other valuable and tangible consideration readily convert . Tax Base ible into money is paid or is to be paid The base of the tax is the value of real for the realty, and the transaction is not estate sold or transferred from one person to a gift. another. to an easement or right-of-way when the value of the interest conveyed is $1,000.

2 Rates or less. The Conveyance fee consists of two parts. to a trustee of a trust, when the grantor A statewide mandatory tax of 1 mill ($1 per of the trust has reserved an unlimited $1,000 dollars of the value of Property sold or power to revoke the trust. transferred) applies in all 88 of ohio 's coun to the grantor of a trust by a trustee ties. In addition, counties may also impose a when the transfer is made pursuant to permissive real Property transfer tax of up to the grantor's power to revoke the trust or 3 additional mills. As of 2009, the most recent to withdraw trust assets. year for which data is available, 87 of 88 coun.

3 To the bene ciaries of a trust, if the fee ties levied this additional tax at rates ranging was paid on the transfer from the grant . from 1 mill to 3 mills. (The exception was Ross or to the trustee or if the transfer is made County.). pursuant to trust provisions that became irrevocable at the death of the grantor. Major Exemptions The tax does not apply: Revenue to sales or transfers to or from the (In Millions). government or its agencies, or to or from the state of ohio or any of its political Tax Year Total Taxes subdivisions. 2005 $ to gifts from one spouse to another, or to 2006 children and their spouses.

4 2007 to surviving spouses or to a survivorship tenant. 2008 to sales or transfers to or from a non 2009 pro t agency that is exempt from federal income taxation, when the transfer is without consideration and furthers the Disposition of Revenue agency's charitable or public purpose. All revenue from the tax is deposited in the when Property is sold to provide or general fund of the county where the Property release security for a debt, or for delin is sold or transferred. quent taxes, or pursuant to a court order. when a corporation transfers Property Payment Dates to a stockholder in exchange for their The fee is paid at the time of the transfer, shares during a corporate reorganization generally as part of the closing process.

5 Or dissolution. when Property is transferred by lease, unless the lease is for a term of years re . newable forever. 114 Local Taxes tax. hio .gov real Property Conveyance Fee Special Provisions 2007 Owners of residential rental Property in County commissioners may prescribe counties with populations greater than a lower permissive rate than generally 200,000 are required to register their levied in the county for conveyances of contact and Property information with the Property receiving the homestead ex county auditor. emption. The tax also applies to transfers of used manufactured homes.

6 Persons who purchase residential rental Comparisons with Other States Property in counties with populations (As of September, 2010). over 200,000 must register their contact All of the comparison states except Indiana and Property information with the county and Texas levy a similar tax on real estate auditor within 60 days of the Property transfers. This table shows state real estate transfer. Auditors in these counties must transfer taxes and the highest permitted local include a statement to this effect when real estate transfer tax for each state. All rates the Property is transferred and with the are expressed in mills.

7 Each mill represents $1. real Property tax bill. per $1,000 of value. Maximum Minimum Tax Local Option Sections of ohio Revised Code State (imposed statewide) Tax Rate Sections , , , . and California -- mills 1. Florida 7 mills -- . Responsibility for Administration Illinois 1 mill mill2. County Auditor. Indiana None -- . Kentucky 1 mill -- . History of Major Changes Massachusetts mills 3. -- . 1967 The General Assembly enacts a manda Michigan mills tory real Property transfer fee of 1 mill mills and permits county commissioners to New Jersey 4 mills4 1 mill impose additional taxes of up to 3 mills on conveyances on or after Jan.

8 1,1968. New York 4 mills 5 6 -- . The revenue from both components of ohio 1 mill 3 mills the tax are distributed to the county gen Pennsylvania 10 mills 4 mills eral fund. Texas -- -- . 1969 The General Assembly provides for the repeal of a permissive transfer tax ad West Virginia mills mills opted as an emergency by a vote of the electorate. 1999 Both the mandatory and permissive taxes are applied to the sale of used manufac . tured and mobile homes occurring on or after Jan. 1, 2000. Also, county com . missioners are permitted to prescribe a lower permissive rate than generally levied in the county for conveyances of Property receiving the homestead ex 1 The Miami-Dade County rate is 6 mills.

9 2 The Chicago rate is mills. emption. 3 The Barnstable County rate is mills. 4 Rates of mills apply to senior citizens, blind or disabled people and in certain other situations. Additional fees apply to transac . tions valued over $1 million. 5 An additional 1 percent (10 mill) tax applies to transfers of more than $1 million. 6 The maximum local rate in New York City is mills. Local Taxes tax. 115. Resort Area Gross Receipts Tax Taxpayer Revenue The tax is paid by persons making general (In Actual Dollars). sales or providing intrastate transportation Fiscal Year Total Taxes within a designated resort area.

10 2006 $ 672,227. 2007 773,161. Tax Base The tax is a business privilege tax measured 2008 747,299. by gross receipts derived from sales made 2009 801,280. within the boundaries of a designated resort 2010 805,536. area as well as intrastate transportation to and from such an area. Gross receipts included in 2011 826,990. the tax base include those derived from: Wholesale and retail sales, including Disposition of Revenue food consumed on the premises. Receipts from this tax are designated for the Rentals and leases of watercraft, golf general revenue of the township or municipal . carts, bicycles, videos, and shing tackle.