61 Pa. Code § 91.112 - Statement of value
(a)
General. Except as provided in this section, a statement of
value in duplicate shall be completed and filed with a document presented for
recording or for the affixation of tax stamps. The statement of value shall
specify the true, full and complete value of the realty transferred, demised or
released-whether or not an exclusion from tax is claimed-and the reason why the
instrument is not subject to tax under this chapter. The statement of value
shall be executed by a responsible person connected with the
transaction.
(b)
Value
specified in document. A statement of value is not required to be
completed and filed if the parties to a recorded document claim no exclusion
from tax and specify in the document the true, full and complete value of the
realty.
(c)
Specific
exceptions. A statement of value is not required to be completed and
filed if the instrument is a will, a conventional mortgage or assignment,
extension, release or satisfaction thereof, or an instrument which solely
grants, vests or confirms a public utility easement. Nontaxable assignments or
terminations of leases and of contracts for deeds, declarations of taking and
contracts for deeds-unless the consideration is payable over a period of time
exceeding 30 years-are not subject to tax or reporting requirements under this
chapter.
(d)
Familial
relationship.
(1) A statement of
value is not required to be filed, nor is the document required to set forth
its value, when the following apply:
(i) The
parties to the document are not subject to tax by reason of familial
relationship.
(ii) The document
clearly indicates that relationship.
(2) A statement of value shall be filed if
the deed fails to indicate the specific familial relationship claimed, if one
or more of the parties to the document are not related, or if another exclusion
from taxation is claimed.
(e)
Mineral leases. Although
a statement of value shall be filed to claim the exclusion for a lease of coal,
oil, natural gas or minerals, there is no requirement to indicate the value of
the lease.
(f)
Filing. A recorder of deeds shall cross-reference on the
statement of value filed the deed book volume and page where the document is
recorded, and shall retain on file in the office for public inspection a copy
of the statement of value accompanying a document.
Notes
The provisions of this § 91.112 issued under section 1107-C of the Tax Reform Code of 1971 (72 P. S. § 8107-C).
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