Starting October 1, D.C.’s recordation and transfer tax rates will decrease for the first time in four years, allowing the industry to enjoy cost savings on affected transfers commencing on the first day of the District’s...more
This November, the residents of the City of San Francisco will either approve or disapprove a ballot measure that will double city transfer taxes on residential and commercial sales over $10 million. Real estate investors...more
When It Rains- Sometimes you go for weeks without having to consider a particular tax issue in any depth. Then, unexpectedly, that issue comes to the forefront of several projects. That was my experience this past week...more
Mayor Kenney on May 15 signed into law a bill amending the Philadelphia Realty Transfer Tax as it applies to sales of interests in real estate companies. Before July 1, 2017, if a real estate company that owned Philadelphia...more
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
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
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
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
Effective July 1, 2015, Rhode Island now imposes a realty conveyance tax on the transfer of controlling interests in a “real estate company,” in addition to any other state taxes. Under prior law, if a person or business...more