What is the documentary transfer tax in Riverside County?
What is the documentary transfer tax in Riverside County?
$1.10 per $500
The tax rate is $0.55 for each $500 or fraction thereof when the consideration or value of the interest or property conveyed, exclusive of the value of any lien or encumbrance remaining at the time of sale, exceeds $100. Within the City of Riverside the tax rate is $1.10 per $500.
What is documentary transfer tax?
The Documentary Transfer Tax (DTT) imposes a tax on each deed, instrument, or writing by which any lands, tenements, or any other realty sold, shall be granted, transferred, or otherwise conveyed to another person.
How much is the documentary transfer tax in California?
The California Documentary Transfer Tax Act allows counties to impose taxes at a rate of 55 cents per $500 of property value or consideration paid.
What is a TRA in Riverside County?
The Riverside County Assessor-County Clerk-Recorder’s Office is pursuing Documentary Transfer Tax on unrecorded documents when there is a change in ownership that involves real property within Riverside County.
How do I record a document in Riverside County?
Recording Requirements
- The property must be located in Riverside County.
- The document must be authorized or required by law to be recorded.
- The document must be submitted with the proper fees and taxes.
- The document must be in compliance with state and local laws.
Who pays the documentary transfer tax in California?
The tax amount itself varies from one state to another, but it’s usually based on the selling price. In most cases, sellers pay the transfer tax. However, there’s no law that says that it’s the seller’s responsibility.
How are documentary fees calculated?
- Determine your local documentary transfer tax. Consult your county recorder’s office to find this rate.
- Divide the transfer tax rate by the specified value.
- Multiply the documentary transfer tax expressed as a percentage by the value of the document you want to record.
How much is San Bernardino county transfer tax?
Documentary Transfer Tax is due on all taxable conveyances in excess of $100 at a rate of $. 55 per $500 or fractional portion of real property value, excluding any liens or encumbrances already of record. Transfer tax is collected at the time of recording.
How do I avoid transfer tax in California?
Transfer tax exemptions
- Gifts: If a homeowner gifts a property free of debts (like mortgages or liens), it is exempt from transfer taxes.
- Trust Transfers: Homeowners who transfer property into a revocable trust can do so free of tax.
Where can I record a deed in San Bernardino County?
Recorder Offices
- San Bernardino County Recorder. Hall of Records – 222 West Hospitality Ln, 1st floor, San Bernardino, California 92415-0022.
- Joshua Tree-Satellite Office. 63665 29 Palms Highway-1st Floor, Joshua Tree, California 92252.
- High Desert Office. Government Center – 15900 Smoke Tree St, Hesperia, California 92345.
Where can I record Tod?
You must record a TOD deed within 60 days or it becomes invalid. Record the TOD deed in the county where the property is located. The Recorder’s Office charges a recording fee (currently $21/first page plus $3 for additional pages).
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