Date: Tue, 25 Sep 2007 13:04:34 -0400
From: Tom Glendinning
Subject: Subject: Questions about the Land Transfer Tax
In response to Michael Resnick’s astute questions on the LTT, I have found only one reference to state regulations an d laws in some hours of searching. My search is not definitive, but may serve as a guide for state enablement.
Under Session Law 2007-323, find section 105 -601thru 604. There are LTT regs on file for Currituck, Pasquotank, Perquimmons, Washington counties, as well as the Town of Duck approved by the legislature enabling the collection of these taxes.
Exclusions to the tax are listed in GS 105-228.32 thru 37 (difficult to extract from law files):
Ҥ 105-603. Administration and use. (a) Administration. РA tax levied under this Article is payable by the transferor of the interest. Except as otherwise provided in this Article, the provisions of G.S. 105-228.32 through G.S. 105-228.37
In the Eastern Land Transfer Tax law, items excluded are as listed in the proposed Chatham law:
“In addition, this tax does not apply to conveyances of an interest in real property by operation of law, by will, by intestacy, by merger, or by consolidation.”
Also pertinent, as discussed as an alternative is the next section on 1/4 cent sales tax, section 105 – 535 thru 538.
Best I can do on dial-up. Hope this is useful.