Many people moving to New Hampshire and even some residents that have lived here for many years are unaware of our Real Estate Transfer Tax (RETT).
The RETT applies whenever there is a transfer, sale or granting of real property or any interest in real property.
In other words, if you buy or sell real estate in New Hampshire you are required to pay this transfer tax.
From July 1, 1999 until today the rate of the transfer tax is $1.50 per $100. This tax is split between the buyer and the seller.
Here is an example.
A house sells for $200,000
2000 X $1.50 = $3000
$3000 divided by 2 = $1500
So the buyer and seller will each pay $1500 for tax stamps from the Registrar of Deeds in the county where the property is located.
There are a few exceptions to the RETT. These include
- gifts,
- transfer between spouses,
- transfer to the state, state agency, county, city/town, or a school district
- deeds that correct a previous deed
- deeds given by a tax collector for a property bought at a tax sale
- transfer of cemetery plots
- transfers that occur by devise or by the laws regulating interstate succession and descent or by the death of any cotenant in real estate held by joint tenancy
- transfers to the beneficiaries of a partnership interest where the partnership dissolves by operation of law due to the death of a partner
- the initial sale of the dealer of a manufactured home
The penalty for failing to file a return on a timely basis is a penalty equal to 5% of the outstanding tax balance with a minimum of $10 a month. There is also a penalty equal to 100% of the additional tax due if either the buyer or seller lies on either the transfer tax form or the deed that no tax is due.
To find out more information about the New Hampshire RETT you can visit revenue.nh.gov or call (603)271-2191
If you are thinking about buying or selling New Hampshire real estate in the Lake Winnipesaukee area please contact me.
Search Lake Winnipesaukee Area Properties Now
Kim Carpenter, Lake Winnipesaukee Real Estate
Lake Winnipesaukee REALTOR
(603)978-2165 or
Kim@KimCarp.com
http://www.kimcarp.com/
;)
;)
