If you are one of those private people who do not want their purchase or sale price available to the public take note: *** IMPORTANT COUNTY TRANSFER TAX INFO*** STARTING JANUARY 1, 2015 Effective January 1, 2015, anyone submitting a document for recording can no longer hide its associated transfer tax from the public records by use of a separately attached declaration. Presently, Section 11932 of the California Revenue and Taxation Code provides an option permitting that the amount of transfer tax due for a taxable document not be disclosed on public record but, rather, declared in a separate paper attached thereto when presented for recording. Pursuant to Assembly Bill 1888 of 2014 (Chapter 20, Statutes of 2014), effective January 1, 2015, Section 11932 is amended to repeal this option, thereby requiring that all documentary transfer tax declarations thereafter must be included in taxable documents and become part of the public record. Assembly Bill 1888 requires no change in the form or content of the presently used transfer tax declaration. Assembly Bill 1888 was sponsored by the Appraisal Institute, an association of real estate appraisers, for the purpose of obtaining ready access to transfer tax information. Thank you Anthony Santillo at Chicago Title for the update!
Posted on: Wed, 12 Nov 2014 03:51:29 +0000
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