News & Analysis as of

Realty Transfer Taxes

Warning to Real Estate Buyers and Sellers in the City of Pittsburgh

by Tucker Arensberg, P.C. on

On February 1, 2018, the local realty transfer tax assessed for real estate conveyances in the City of Pittsburgh will increase one-half of one percent from 3.0% to 3.5%; meaning the aggregate realty transfer tax assessed on...more

Changes to municipal capital gains tax in Spain

by DLA Piper on

Under Spanish tax law, a seller of real estate in Spain is liable for two taxes: capital gains tax and municipal capital gains tax (in Spanish: plusvalía municipal). While at first glance, these taxes might appear similar,...more

California Imposes New Real Estate Instrument Recording Fee, Excludes Documents Related to Residential Dwellings

by Weiner Brodsky Kider PC on

Starting January 1, 2018, the state of California will impose a $75 per transaction fee (not to exceed $225) for the recording of “every real estate instrument, paper, or notice required or permitted by law to be recorded.”...more

MoFo New York Tax Insights - Volume 8, Issue 11

by Morrison & Foerster LLP on

Securities Rating Agency Not Entitled to Refund of Erroneously Remitted Sales Tax - A New York State Administrative Law Judge upheld the denial of a securities rating agency’s request for a refund of sales tax, holding...more

CA Supreme Court: Entity Ownership Change Can Trigger Documentary Transfer Tax

Many entities are formed for the sole purpose of buying and holding real estate. In this setup, legal title is held by the entity itself (not the entity’s owners), but the entity’s owners have a “beneficial interest” that...more

California Supreme Court Declines To Rehear Documentary Transfer Tax Appeal

by Allen Matkins on

In June, I wrote about the California Supreme Court’s disappointing decision in 926 N. Ardmore Ave. v. County of L.A., 2017 Cal. LEXIS 4768 (Cal. 2017). Readers may recall that the Supreme Court applied the concept of a...more

California Supreme Court Holds that Real Property Transfer Tax Can Apply to Transfers of Entities that Own California Real...

by Bryan Cave on

Under California law, there are two separate tax implications affecting California real estate transfers that result in a “change in ownership” of the real property - a property tax reassessment and a real property transfer...more

California Supreme Court Affirms Transfer Tax On Entity Control Change

by Akerman LLP on

California allows cities and counties to impose a tax on certain real estate transfers at a rate of 1.1 percent of the sales price. Los Angeles County enacted an ordinance to impose the tax on transfers within the county....more

Commercial Borrowers Should be Familiar with the Refinance Exemption in Order to Avoid Paying More Taxes than Necessary

by Miles & Stockbridge P.C. on

It is pretty well known that Maryland imposes taxes upon the sale/purchase of real property. The State requires both a recordation tax and a transfer tax to be paid whenever an ownership interest in property is transferred....more

California Supreme Court Affirms Novel M&A Tax

by Allen Matkins on

Suppose Mr. Henry owns all of the outstanding shares of a Virginia corporation that owns all of the issued and outstanding shares of a Massachusetts corporation that owns, among other things, real property in Los Angeles,...more

European Real Estate Finance: Recent developments

by White & Case LLP on

As part of our periodic updates, we will provide you with an overview of recent developments of relevance to participants in the real estate finance market and who may have an interest in the jurisdictions in which we have...more

MoFo New York Tax Insights - Volume 8, Issue 5

by Morrison & Foerster LLP on

Final 2017-18 New York State Budget Bill Enacted - The New York State Budget Bill was enacted by the New York State Legislature and signed into law by Governor Andrew M. Cuomo. S. 2009-C, A. 3009-C. Among the Governor’s...more

“Reverse” Like-Kind Exchanges Not Subject to NYS Real Estate Transfer Tax

by Cole Schotz on

In an Advisory Opinion issued near the end of 2016, the New York State Department of Taxation and Finance has determined that the transfer of real property in New York State from an “exchange accommodation titleholder” to a...more

An Overview Of The NYC Business Tax Environment

by Farrell Fritz, P.C. on

“If I can make it there, I’ll make it anywhere.” So begins one of the most iconic of musical tributes to New York City. It is sung at every Yankees game. It sums up the feelings of thousands of aspiring artists. As it turns,...more

Effecting Exchanges of Property Through a Partnership

by Farrell Fritz, P.C. on

In the last two posts, we saw how a Taxpayer who transfers Property A to a partnership (“Partnership”) in exchange for an equity interest therein will not be required to recognize the gain realized on the transfer. This gain...more

When A “Tax Free” Exchange May Not Be Free of Tax

by Farrell Fritz, P.C. on

“Tax free” – two words that often bring great delight when they are spoken by a tax adviser to the owner of a business, whether he is considering the disposition of a single asset, or of substantially all of the assets, of...more

Supreme Court of California Set to Decide Documentary Transfer Tax Case

by Holland & Knight LLP on

The Supreme Court of California is slated to review a 2014 decision by the California Court of Appeal for the Second District, which held in 926 North Ardmore Avenue, LLC v. County of Los Angeles that a change in ownership of...more

N.Y.’s 2018 Budget Proposal: Tax Proposals To Watch

by Farrell Fritz, P.C. on

Last month, Governor Cuomo presented his budget proposal for NY State’s 2017- 2018 fiscal year. Included in the proposal were a number of tax provisions that should be of interest to closely-held businesses and their owners....more

MoFo New York Tax Insights - Volume 8, Issue 2

by Morrison & Foerster LLP on

Governor Cuomo Releases 2017-18 New York State Executive Budget - New York State Governor Andrew M. Cuomo released his 2017-2018 Executive Budget, containing an assortment of potentially important tax proposals,...more

Governor Cuomo’s Fiscal Year 2018 New York State Executive Budget

by Reed Smith on

On January 17, 2017, New York State Governor Andrew Cuomo released his 2017-2018 New York State Executive Budget and accompanying legislation. It contains proposed amendments to New York State’s personal income tax, corporate...more

Did San Francisco Eliminate its Transfer Tax Exception for Certain Gifts?

It seems that San Francisco may have just partially removed its exception from transfer tax that applied to gifts, but the Office of the Assessor-Recorder may not be aware. As a bit of background, transfer tax applies to...more

Disposing of Real Property in a Tax-Advantaged Manner

by Farrell Fritz, P.C. on

Many of our clients are heavily invested in real property. In some cases, this investment may be a single property in a prime location; in others, the client (and maybe his family) is in the business of owning and operating a...more

Amendments to Philadelphia's Realty Transfer Tax Will Have a Significant Impact

Recent amendments to Philadelphia’s realty transfer tax will likely change the way commercial real estate is bought and sold. Rather than sell the real estate directly and record a traditional deed to evidence the...more

Revised Philadelphia Transfer Tax Ordinance Requires Reconsideration of Commercial Real Estate Transactions

On December 8, 2016, the Philadelphia City Council approved a bill intended to close various perceived loopholes used by owners of commercial real estate to minimize or avoid the City’s realty transfer tax. Mayor Kenney is...more

Philadelphia Toughens Its Realty Transfer Tax Law

by Ballard Spahr LLP on

Philadelphia just dramatically tightened its realty transfer tax rules to impose more realty transfer tax. Under the current Philadelphia and Pennsylvania realty transfer tax law, a real estate company owes realty transfer...more

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