What is an Excise Affidavit?
A real estate excise tax affidavit records a real estate transaction, such as sale, purchase or transfer. The document includes names of the buyer and seller (or transferee), legal property description (sometimes address) and the transaction date and amount.
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Filed with County Treasurer and State
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A real estate excise tax affidavit is filed with the county treasurer's office as the official public record of the property transaction. A copy also is sent to the state's department of revenue.
The affidavit includes all individuals or other entities (corporations, partnerships, trusts, limited liability companies) transferring and receiving an interest in the property and what percentage they are transacting.
Excise Tax Imposed On Transaction
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Selling property (including mobile homes) is subject to an excise tax paid when the affidavit is filed. It is a tax on the real estate transaction, not the property itself. Who pays the tax is worked out between buyer and seller. It is paid to the state and the city or county where the property is located.
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Exemptions And Exclusions
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Real estate excise tax is applied to real estate sales. So it doesn't apply to gifts, inheritances, divorce settlements, joint tenancy or government transfers.
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