Responding with due haste to our blog the other day about how to determine Philadelphia realty transfer tax when the sales price is below fair market value, the Philadelphia Department of Records has changed its position on Philadelphia transfer tax calculation.
On their website, the Department of Records says they “generally” record documents when the transfer tax is calculated based on the stated sales price — even when that amount is less than the fair market value as determined by the Office of Property Assessment (OPA).
But they do require the transfer tax be based on the higher computed fair market value if they consider the deed to be for “nominal” consideration.
If you need help determining whether the consideration for your transaction will be considered nominal, or if you have any questions about Philadelphia transfer tax calculation, please do not hesitate to reach out to us.
We are here to help!