Tax Type
Recordation Tax
Description
Deed from Parents-to-Child or Child-to-Parents
Topic
Exemptions
Date Issued
11-24-1970
A deed to property which purports either to convey the interest of a tenancy to a third party or to convey from a child to his parents, as co-tenants or as joint tenants, is subject to additional recordation tax when the tax has already been paid on the original deed. No additional tax is required if the deed is either from parents to child and separately conveys the interest of each parent to the child, or from child to parents and conveys a one-half, undivided interest to each parent. However, this exemption is limited in all cases by the proviso that a tax be imposed on any increase in value since the time of the original deed to the grantor.
Attorney General's Opinion