For transactions in which the consideration paid is $4,000 or less, the minimum tax is due ($20 from the buyer and $20 from the seller).IRC § 1031 like-kind exchanges and other real estate for real estate swaps.įor most arms length transactions, the tax is based on the actual price or consideration agreed to by the parties. Transfers of interests in real estate holding companies.Transfers of interests in time-share properties.Transfers of standing timber or exclusive rights to extract soil, gravel, minerals or other like materials from the land of another.Transfers through deed issued as a result of a sheriff's sale.Leases of real estate for 99 years or longer, inclusive of renewal rights whether exercised or not.Transfers through foreclosure or by deed in lieu of foreclosure.Sale or granting of a right-of-way or an easement on property.In such circumstances, the tax only applies to the counterparty, and not to the U.S. government or with any of its agencies, instrumentalities or any government corporation that is specifically exempt from state tax per federal law. In such circumstances the tax applies only to the buyer. Transfers from the state of NH, a county, municipality, or other political subdivision of the state.Transfers between related business entities.
Transfers between a business entity and its owners.Examples of contractual transfers include: The tax is imposed on both the buyer and the seller at the rate of $.75 per $100 of the price or consideration for the sale, granting, or transfer.Īll contractual transfers are subject to tax unless specifically exempt under RSA 78-B:2.
#CONVEYANCE OF REAL PROPERTY INTEREST OWNED LATER CODE#
The statute imposing the tax is found at RSA 78-B and NH Code of Administrative Rules, Rev 800.
The RETT is a tax on the sale, granting, and transfer of real property or an interest in real property. What is the Real Estate Transfer Tax (RETT)?
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