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State Real Estate Transfer Tax
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Warranty deeds transferring property in various subdivisions show a selling price less a membership certificate to arrive at the price of a lot. On what amount would the SRETT be charged?
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Answer:
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The SRETT is imposed on ". . . the total value of the property being transferred." Value is defined as ". . . the current or fair market worth in terms of legal monetary exchange at the time of the transfer." Assuming the value of the lot is reflected in the selling price, that would be the amount subject to the SRETT. This amount would not be adjusted for the value of the membership certificate.
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