HB0269 - Real estate transfer tax.

 

2001

State of Wyoming

01LSO-0377

 

 

 

HOUSE BILL NO.  HB0269

 

 

Real estate transfer tax.

 

Sponsored by:  Representative(s) Law

 

 

A BILL

 

for

 

 1  AN ACT relating to taxation and revenue; imposing a real
 2  estate transfer tax as specified; delegating rulemaking
 3  authority; imposing penalties; and providing for an
 4  effective date.

 5 

 6  Be It Enacted by the Legislature of the State of Wyoming:

 7 

 8         Section 1.  W.S. 39-22-101 through 39-22-111 are
 9  created to read:

10 

11                         CHAPTER 22

12                   REAL ESTATE TRANSFER TAX

13 

14         39-22-101.  Definitions.

15 

16         (a)  As used in this chapter:

17 

 

Page  1

 

 

 

 1              (i)  "Real property" means as defined by W.S.
 2  39-11-101(a)(xv) and includes easements on real property.

 3 

 4         39-22-102.  Administration.

 5 

 6  The department of revenue shall enforce the provisions of
 7  this chapter. The department shall promulgate rules and
 8  regulations necessary for the implementation and
 9  enforcement of this chapter.

10 

11         39-22-103.  Imposition.

12 

13  There is imposed a transfer tax upon the sale of real
14  property. On any sale of real property, a transfer tax
15  shall be imposed upon the total amount of the real property
16  sale.

17 

18         39-22-104.  Taxation rate.

19 

20         (a)  The tax rate shall be as follows:

21 

22              (i)  One hundred thousand dollars ($100,000.00)
23  or less - one-quarter percent (1/4%);

24 

 

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 1              (ii)  More than one hundred thousand dollars
 2  ($100,000.00) but less than or equal to four hundred
 3  thousand dollars ($400,000.00) - one-half percent (1/2%) of
 4  the amount of the sale which exceeds one hundred thousand
 5  dollars ($100,000.00) in addition to the tax imposed by
 6  paragraph (i) of this subsection;

 7 

 8              (iii)  More than four hundred thousand dollars
 9  ($400,000.00) but less than or equal to eight hundred
10  thousand dollars ($800,000.00) - one percent (1%) of the
11  amount of the sale which exceeds three hundred thousand
12  dollars ($300,000.00) in addition to the taxes imposed by
13  paragraphs (i) and (ii) of this subsection;

14 

15              (iv)  More than eight hundred thousand dollars
16  ($800,000.00) - one and one-half percent (1 1/2%) of the
17  amount of the sale which exceeds eight hundred thousand
18  dollars ($800,000.00) in addition to the taxes imposed by
19  paragraphs (i) through (iii) of this subsection.

20 

21         39-22-105.  Exemptions.

22 

23         (a)  The tax shall not be imposed upon any of the
24  following:

 

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 1 

 2              (i)  Any transfer from an instrument that
 3  confirms, corrects, modifies or supplements a previously
 4  recorded instrument without added consideration;

 5 

 6              (ii)  Any transfer of title without consideration
 7  from one (1) joint tenant or tenant in common to one (1) or
 8  more remaining joint tenants or tenants in common;

 9 

10              (iii)  Any transfer of title to property without
11  consideration when held in the name of one (1) spouse to
12  both spouses as  joint tenants or tenants in common, or as
13  community property;

14 

15              (iv)  Any transfer of title between spouses,
16  including any gift between spouses;

17 

18              (v)  Any transfer of title between spouses to
19  effect a property settlement agreement or between former
20  spouses in compliance with a decree of divorce;

21  

22              (vi)  Any transfer of title without consideration
23  to or from a trust;

24 

 

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 1              (vii)  Any transfer or other conveyance of real
 2  property to or from a corporation or other business entity
 3  by one (1) or more persons if the transfer or conveyance
 4  does not alter the percentage of ownership interest in the
 5  real property of any person;

 6 

 7              (viii)  Any transfer or other conveyance of real
 8  property if the owner of the property is related, within
 9  the first degree of consanguinity of blood or marriage, to
10  the person to whom it is conveyed;

11 

12              (ix)  Any transfer or other conveyance of real
13  property to make effective any plan of reorganization or
14  adjustment under which a mere change in identity, form or
15  place of organization is effected, such as a transfer
16  between a corporation and its parent corporation or a
17  subsidiary corporation;

18 

19              (x)  Any transfer of real property due to the
20  sale of the property for delinquent taxes or assessments or
21  a sale or transfer pursuant to foreclosure;

22 

23              (xi)  Any transfer of real property by a county
24  certificate of purchase or a sheriff's deed;

 

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 1 

 2              (xii)  Any transfer of a residential real
 3  property sale to a first time home buyer meeting the
 4  definition and income levels of the Wyoming community
 5  development authority in the administration of the mortgage
 6  revenue bond program;

 7 

 8              (xiii)  That portion of the value of any transfer
 9  of agricultural land, as defined by W.S. 39-13-101(a)(iii),
10  up to one and one-half (1 1/2) times the agricultural value
11  of the land as determined by the county assessor for the
12  previous calendar year;

13 

14              (xiv)  Any exchange of real property up to the
15  lesser value of the properties being exchanged;

16 

17              (xv)  Any transfer of real property exempted from
18  taxation under W.S. 39-11-105(a)(i) through (viii), and any
19  property protected from taxation under the Wyoming
20  constitution;

21 

22              (xvi)  Any transfer of property pursuant to a
23  contract executed prior to July 1, 2001;

24 

 

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 1              (xvii)  Any transfer of real property interests
 2  in minerals;

 3 

 4              (xviii)  Any transfer of real property used for
 5  industrial purposes as defined by W.S.
 6  39-11-101(a)(xiv)(B);

 7 

 8              (xix)  Any other transfer or other conveyance
 9  which the department of revenue exempts upon a finding that
10  the transfer does not represent a true conveyance of
11  property.

12 

13         39-22-106.  Licensing; permits.

14 

15  There are no specific applicable provisions for licenses
16  and permits for this chapter.

17 

18         39-22-107.  Compliance; collection procedures.

19 

20         (a)  Returns and reports. Taxes imposed by this
21  chapter are due and payable at the office of the county
22  treasurer of the county in which the real property is
23  located on the date of recordation of the deed or other
24  instrument making the sale a matter of public record. The

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 1  tax shall only be collected on the price paid for real
 2  property. The county clerk shall not record a document
 3  transferring legal or equitable title to real property
 4  until all taxes due under this chapter have been paid to
 5  the county treasurer. The buyer and seller shall sign
 6  before a notary on a form prescribed by the department of
 7  revenue, a statement eliciting the information necessary
 8  for the assessment of the tax. The statement is not a
 9  public record and shall be held confidential by the county
10  clerk, county assessor, county treasurer, county board of
11  equalization, state board of equalization and by the
12  department of revenue.

13 

14         (b)  It is a misdemeanor for a person to willfully
15  falsify or publicly disclose, except as specifically
16  authorized by law, any information on the statement
17  required by subsection (a) of this section. Upon
18  conviction, the offender is subject to a fine of not more
19  than seven hundred fifty dollars ($750.00), imprisonment
20  for not more than six (6) months, or both.

21 

22         (c)  Payment. Payment of the tax may be negotiated
23  between the purchaser and seller of the real property, and
24  shall be collected from the party recording the deed or

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 1  other instrument making the sale a matter of public record
 2  by the county treasurer in the form prescribed by the
 3  department of revenue.

 4 

 5         (d)  Timelines. There are no specific applicable
 6  provisions for timelines for this chapter.

 7 

 8         (e)  If the property being transferred is located in
 9  more than one (1) county and the value has not been
10  determined by the buyer and seller as to each county, the
11  value shall be established by applying the ratio of the
12  assessed valuation in each county to the assessed valuation
13  of all property being transferred.

14 

15         39-22-108.  Enforcement.

16 

17         (a)  Audits. There are no specific applicable
18  provisions for audits for this chapter.

19 

20         (b)  Interest. There are no specific applicable
21  provisions for interest for this chapter.

22 

23         (c)  Penalties. There are no specific applicable
24  provisions for penalties for this chapter.

 

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 1 

 2         (d)  Liens. There are no specific applicable
 3  provisions for liens for this chapter.

 4 

 5         (e)  Tax sales. There are no specific applicable
 6  provisions for tax sales for this chapter.

 7 

 8         39-22-109.  Taxpayer remedies.

 9 

10  There are no specific applicable provisions for taxpayer
11  remedies for this chapter.

12 

13         39-22-110.  Statute of limitations.

14 

15  There are no specific applicable provisions for a statute
16  of limitations for this chapter.

17 

18         39-22-111.  Distribution.

19 

20         (a)  Taxes collected by the county treasurer shall be
21  distributed as follows:

22 

 

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 1              (i)  Fifty percent (50%) shall be transferred to
 2  the county treasurer who shall distribute the amount within
 3  the county as follows:

 4 

 5                   (A)  To the county, in the proportion that
 6  the population of the county situated outside the corporate
 7  limits of its cities and towns bears to the total
 8  population of the county including its cities and towns;

 9 

10                   (B)  To each city and town within the
11  county, in the proportion the population of the city or
12  town bears to the population of the county.

13 

14              (ii)  Fifty percent (50%) shall be transferred to
15  the state treasurer for deposit into the general fund.

16 

17         Section 2.  This act is effective July 1, 2001.

18 

19                         (END)

 

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