Property Ownership, Transfer of Title & Land Use 6.2

Question 1

Transfer Tax Stamps refer to what?

Answer 1

When a property owner incurs an expense when they sell their property

Question 2

When are Transfer Tax Stamps payable?

Answer 2

when the deed is recorded, typically paid by the seller

Question 3

Encumbrance, liens “run with the land”

Answer 3

They attach to the property, not the property owner.

They bind the owner and all successive owners until the lien is either paid or cleared

Question 4

Real Estate Tax Liens

Answer 4

Are general real estate or ad valorem: specific, involuntary, statutory liens; levied by taxing bodies as a government power for:

States and counties
Cities, towns, boroughs, and villages
Districts for public services (hospital, schools, etc.)

Question 5

Exemptions to ad valorem taxes like:

Answer 5

Properties used for tax-exempt purposes by cities
various municipal organizations

State and Federal Governments

Religious and charitable organizations

Hospitals and educational institutions