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revenue stamps. Stamps affixed to deeds and some other real estate documents as evidence of payment of the appropriate recording or transfer taxes.
The tax rate is $2 per $1,000 of the sales price. So if you purchase a home or land for $900,000, the revenue tax would be $900,000 divided by 1,000 and multiplied by 2, which equals $1,800. I hope this clarifies how to calculate the revenue stamps on the sale of property in North Carolina.
revenue stamps. Stamps affixed to deeds and some other real estate documents as evidence of payment of the appropriate recording or transfer taxes.
If a property sells for $200,000, what would be the required revenue tax owed to the State of Iowa? The answer is $319.20.
Typically, the rate is expressed as a dollar amount for a certain value of the recorded document. For example, a county might express the documentary transfer tax as $0.60 per $500 of value. Divide the transfer tax rate by the specified value. Continuing the same example, $0.60 divided by $500 equals.
Excise Tax/Revenue Stamps: The State of North Carolina charges an excise tax on home sales of $2.00 per $1,000.00 of the sales price. Excise tax is customarily paid by the Seller, but payment is dictated by the sales contract and can be negotiated for either party.
Definition of stamp tax. a tax collected by means of a stamp purchased and affixed (as to a deck of playing cards) specifically : such a tax on a document (such as a deed or promissory note) called also stamp duty.
A transfer/stamp tax is essentially a transaction fee imposed on the transfer of title to property. Transfer taxes are not considered deductible real estate taxes.
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