Other LanguagesThe real estate excise tax applies to the assignment of a vendee's interest of property purchased by him at a sale pursuant to a mortgage foreclosure.
A corporate merger is not a transfer of property as contemplated in the real estate excise tax, and therefore such tax does not apply.
Real estate excise tax does not apply where vendor of real estate assigns his interest therein to third party.
Where an original corporation is divided into two new corporations, the real estate being transferred to one of the new corporations add the personalty to the other, the original corporation retaining all of the capital stock of the two new corporations, the transfer of real property from the original corporation to one of the new corporations constitutes a transfer subject to the real estate excise tax. The amount of tax payable is based upon the fair market value of the stock in the new corporation which is retained by the original corporation.
The real estate excise tax is applicable to both a conveyance to a trustee and a subsequent conveyance by the trustee to a new purchaser.
The county real estate sales tax is imposed upon the transfer of real property back to industrial development districts for condition of particular use broken pursuant to statute and/or deed.