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Client Alert

Plan Transfer and Recordation Taxes Correctly When Property Values Fall
Authors: R.J. Davis, Emily K. Bias

4/15/2009

Many Authorities are Basing Taxes on the Assessed Value When Property is Purchased at Distressed Prices.

Commercial real estate insiders are well aware that transfer and recordation taxes ("Taxes") accompany most transactions.  Historically, in the Washington, DC metropolitan area, including Virginia and Maryland, Taxes are derived from the purchase price of the applicable property.  However, with foreclosures and distressed sales accounting for many of the current transactions, many jurisdictions are basing Taxes on the higher of the purchase price or the assessed value of the property.

To read this publication in its entirety, click the link in the adjacent "Downloads" section.
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