Philadelphia Pennsylvania Assignment and Transfer of Stock
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How to fill out Assignment And Transfer Of Stock?
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FAQ
Think of the transfer tax (or tax stamp) as a sales tax on real estate. The State of Pennsylvania charges 1% of the sales price and the municipality and school district USUALLY charge 1% between them for a total of 2% (i.e. 2% X 100,000 = $2,000). By custom, the buyer and seller split the cost.
Realty Transfer Tax The Commonwealth of Pennsylvania collects 1% while the City of Philadelphia collects 3.278% for a total of 4.278%. Luckily, it is customary (but not legally required) for the buyer and seller to split the transfer taxes evenly. In most cases, the buyer will pay 2.139% and the seller will pay 2.139%.
There is a Transfer Tax of 2% (1% to the state and 1% to the municipality and school district) for all property sales in Pennsylvania on the value of the property or interest being conveyed. This value is not necessarily the sales price. The 2% Transfer Tax is paid at the time of recording.
Currently, the fee for filing the deed, which distributes the house from your Mother's estate into your own name, is $252.00. This amount is comprised of: $107 (Filing Fee), $107 (Philadelphia Housing Trust Fee), $. 50 (State Writ Tax), $2.00 (Philadelphia County Fee) and $35.50 (Access to Justice Fee).
Currently, the fee for filing the deed, which distributes the house from your Mother's estate into your own name, is $252.00. This amount is comprised of: $107 (Filing Fee), $107 (Philadelphia Housing Trust Fee), $. 50 (State Writ Tax), $2.00 (Philadelphia County Fee) and $35.50 (Access to Justice Fee).
The Commonwealth of Pennsylvania collects 1% while the City of Philadelphia collects 3.278% for a total of 4.278%. Luckily, it is customary (but not legally required) for the buyer and seller to split the transfer taxes evenly. In most cases, the buyer will pay 2.139% and the seller will pay 2.139%.
The current rates for the Realty Transfer Tax are: 3.278% (City) + 1% (Commonwealth) = 4.278% (Total) The tax rate is based on the sale price or assessed value of the property, plus any assumed debt.
Who Pays Transfer Taxes in Pennsylvania: the Buyer or the Seller? According to the Pennsylvania Department of Revenue, both the seller and buyer are held jointly liable for the payment of transfer tax. What that means is that the two parties often split the cost equally between themselves.
Think of the transfer tax (or tax stamp) as a sales tax on real estate. The State of Pennsylvania charges 1% of the sales price and the municipality and school district USUALLY charge 1% between them for a total of 2% (i.e. 2% X 100,000 = $2,000). By custom, the buyer and seller split the cost.
