Philadelphia Commonwealth of Pennsylvania Realty Transfer Tax Statement of Value

• Category: Pennsylvania Real Estate - Deeds - Transfer Taxes
• State: Pennsylvania
• County: Philadelphia
• Control #: PA-92395
• Format: PDF

Description

This Pennsylvania form, a Realty Transfer Tax Statement of Value, can be easily completed or adapted to fit your circumstances. Available for download now. The Philadelphia Commonwealth of Pennsylvania Realty Transfer Tax Statement of Value is an important document used in real estate transactions within Philadelphia. This tax statement provides details regarding the property being transferred and its corresponding value, which helps in determining the property transfer tax due. The Philadelphia Realty Transfer Tax Statement of Value includes various key components, such as: 1. Property Information: This section identifies the property being transferred, including its address, lot number, and other unique identifiers. It describes the type of property, such as residential, commercial, or vacant land. 2. Transfer Details: This part outlines the specifics of the transfer, including the names and addresses of the buyer(s) and seller(s), their respective legal entities (individual, corporation, partnership, etc.), and the date of the transfer. 3. Purchase Price: One crucial element of the statement is the purchase price, which represents the agreed-upon value at which the property is being sold. The accurate reporting of this amount is essential to determine the applicable realty transfer tax. 4. Market Value: The market value section indicates the assessed value of the property according to the Philadelphia Office of Property Assessment. This value might differ from the purchase price and can influence the tax calculation. 5. Exemptions and Deductions: The statement provides provisions to mention any applicable exemptions or deductions, such as those for nonprofits, government entities, or transfers within the same family. Philadelphia has variations of the Realty Transfer Tax Statement of Value to accommodate different types of property transfers. Some named types include: 1. Residential Realty Transfer Tax Statement of Value: This form applies to the transfer of residential properties like houses, apartments, or condominium units. 2. Commercial Realty Transfer Tax Statement of Value: Used for commercial property transfers, which may include industrial buildings, retail spaces, or office complexes. 3. Vacant Land Realty Transfer Tax Statement of Value: This type of statement is employed when transferring vacant land parcels without any existing structures. 4. Multiple-Parcel Realty Transfer Tax Statement of Value: When multiple parcels of land are being transferred together, this form helps consolidate all necessary information into a single document. 5. Mixed-Use Realty Transfer Tax Statement of Value: When a real estate property comprises both residential and commercial units, this form allows for reporting the transfer information for various components of the property. It is important to note that these are general categorizations, and the Philadelphia Commonwealth of Pennsylvania may introduce additional or modified types of Realty Transfer Tax Statements of Value based on legal and administrative requirements.

The Philadelphia Commonwealth of Pennsylvania Realty Transfer Tax Statement of Value is an important document used in real estate transactions within Philadelphia. This tax statement provides details regarding the property being transferred and its corresponding value, which helps in determining the property transfer tax due. The Philadelphia Realty Transfer Tax Statement of Value includes various key components, such as: 1. Property Information: This section identifies the property being transferred, including its address, lot number, and other unique identifiers. It describes the type of property, such as residential, commercial, or vacant land. 2. Transfer Details: This part outlines the specifics of the transfer, including the names and addresses of the buyer(s) and seller(s), their respective legal entities (individual, corporation, partnership, etc.), and the date of the transfer. 3. Purchase Price: One crucial element of the statement is the purchase price, which represents the agreed-upon value at which the property is being sold. The accurate reporting of this amount is essential to determine the applicable realty transfer tax. 4. Market Value: The market value section indicates the assessed value of the property according to the Philadelphia Office of Property Assessment. This value might differ from the purchase price and can influence the tax calculation. 5. Exemptions and Deductions: The statement provides provisions to mention any applicable exemptions or deductions, such as those for nonprofits, government entities, or transfers within the same family. Philadelphia has variations of the Realty Transfer Tax Statement of Value to accommodate different types of property transfers. Some named types include: 1. Residential Realty Transfer Tax Statement of Value: This form applies to the transfer of residential properties like houses, apartments, or condominium units. 2. Commercial Realty Transfer Tax Statement of Value: Used for commercial property transfers, which may include industrial buildings, retail spaces, or office complexes. 3. Vacant Land Realty Transfer Tax Statement of Value: This type of statement is employed when transferring vacant land parcels without any existing structures. 4. Multiple-Parcel Realty Transfer Tax Statement of Value: When multiple parcels of land are being transferred together, this form helps consolidate all necessary information into a single document. 5. Mixed-Use Realty Transfer Tax Statement of Value: When a real estate property comprises both residential and commercial units, this form allows for reporting the transfer information for various components of the property. It is important to note that these are general categorizations, and the Philadelphia Commonwealth of Pennsylvania may introduce additional or modified types of Realty Transfer Tax Statements of Value based on legal and administrative requirements.