§ 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.

Authority

   The provisions of this §  91.112 issued under section 1107-C of the Tax Reform Code of 1971 (72 P. S. §  8107-C).

Source

   The provisions of this §  91.112 adopted September 9, 1988, effective September 10, 1988, 18 Pa.B. 4096.



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