Calculating Brunswick County, Nc Revenue Stamps

In Brunswick County, North Carolina, excise tax or revenue stamps are calculated at a rate of $1 per $500 of the property's value. This tax is levied on the transfer of real estate from one party to another and is typically paid by the seller. The tax rate has remained unchanged since 1991.

The excise tax rate in North Carolina is $1 per $500 of the property's value

When a property is transferred from one party to another in North Carolina, an excise tax is owed. This tax is paid in the county where the real estate is located, and the county retains half of the tax proceeds. The other half is sent to the state department of revenue. The excise tax rate in North Carolina is $1 per $500 of the property's value. This means that for a property valued at $500,000, the excise tax would be $1000 ($500,000 divided by $500, multiplied by 1).

For example, if you purchase a property in Brunswick County, North Carolina, for $900,000, the excise tax would be calculated as follows: $900,000 divided by $500, multiplied by 1, which equals $1800. Therefore, the excise tax on the sale of this property would be $1800.

It is important to note that the excise tax rate in North Carolina has remained unchanged since 1991. Additionally, there are certain exemptions from the excise tax. For instance, if the real estate transfer is related to a will or a gift, or if the property is transferred due to a merger or consolidation, the seller may be exempt from paying the excise tax.

If you are unsure about whether you need to pay the excise tax or the specific regulations in Brunswick County, it is recommended to contact the county directly. They will be able to provide you with the most accurate and up-to-date information regarding the calculation of revenue stamps and any applicable exemptions.

The tax is paid in the county where the real estate is located

When it comes to real estate transactions in North Carolina, it's important to understand the concept of revenue stamps, also known as excise tax or transfer tax. This tax is levied whenever a property is transferred from one party to another. The crucial point to remember is that the excise tax is paid in the county where the real estate is located. This means that if you're buying or selling property in Brunswick County, NC, the excise tax will be paid specifically in that county.

The excise tax is calculated based on the value of the property. In North Carolina, the tax rate is $1 for every $500 of the property's value. For example, if you're purchasing a property valued at $500,000, the transfer tax would be $1,000 ($500,000 divided by $500, then multiplied by $1). This tax is typically paid by the person or business selling the property.

It's important to note that half of the excise tax goes directly to the county where the real estate is located, while the other half is sent by the county to the state department of revenue. This distribution of proceeds is outlined in North Carolina's legislative statutes. Specifically, the tax is paid to the register of deeds of the county, and they are responsible for remitting the proceeds to the county finance officer.

In the case of a property that spans across two or more counties, the excise tax is paid to the register of deeds of the county where the greater part of the real estate value lies. This ensures that the tax is allocated appropriately, even in unique situations.

It's worth mentioning that there are certain exemptions to the excise tax in North Carolina. For instance, if the real estate transfer is related to a will or a gift, or if the property is transferred due to a merger or consolidation, the seller may be exempt from paying the excise tax. However, it's always a good idea to consult with local authorities or legal professionals to confirm if any exemptions apply to your specific situation.

Half of the tax goes to the county, and the other half to the state department of revenue

When a property is transferred from one party to another in North Carolina, an excise tax, also known as a revenue or transfer tax, is due. This tax is paid in the county where the real estate is located, and the county then distributes the proceeds.

The excise tax is levied at a rate of $1 per $500 of the property's value. For example, for a property valued at $500,000, the excise tax would amount to $1,000 ($500,000 divided by $500, multiplied by $1). The person or business selling the property is responsible for paying this tax.

Now, here's the crucial part: half of the excise tax revenue goes directly to the county. The other half is remitted to the state department of revenue. This distribution is handled by the county finance officer, who credits one-half of the proceeds to the county's general fund and sends the remaining half, minus taxes refunded and administrative expenses, to the state's Department of Revenue on a monthly basis.

In Brunswick County, North Carolina, the Tax Office, including the Tax Assessor and Tax Collector, is responsible for various tasks related to property taxes. These responsibilities include listing, appraising, and assessing real and personal property, as well as collecting current and delinquent taxes. While I couldn't find specific details on the distribution of excise tax revenue in Brunswick County, the standard procedure across North Carolina dictates that half of the tax revenue goes to the county, and the other half is sent to the state department of revenue.

The seller pays the excise tax

In Brunswick County, North Carolina, excise tax, also referred to as revenue or transfer tax, is levied when a property is transferred from one party to another. The person or business selling the property is responsible for paying the excise tax. This tax is paid to the county where the real estate is located, and the county then remits half of the proceeds to the state department of revenue, while the other half goes to the county's general fund.

The excise tax rate in North Carolina is $1 per $500 of the property's value. For instance, if you sell a property for $500,000, the transfer tax would be $1000 ($500,000 divided by $500, multiplied by 1). This tax must be paid to the register of deeds of the county in which the real estate is located before recording the instrument of conveyance. In Brunswick County, the office for this is located at the David R. Sandifer County Administration Building, 30 Government Center Drive, NE Bolivia, NC 28422.

There are certain exemptions to the excise tax. You may not need to pay it if the real estate transfer is related to a will or a gift. Additionally, the seller is exempt from paying the excise tax when a property is transferred due to a merger, conversion, or consolidation. It's important to note that the excise tax law also applies to timber deeds and contracts for the sale of standing timber.

If you are unsure about whether you need to pay the excise tax or not, it is recommended to contact the relevant county office or seek professional advice. It is also worth noting that Brunswick County's ad valorem (property) tax rate for Fiscal Year 2024 (July 1, 2023, to June 30, 2024) is 0.3420 (34.20 cents per $100 value).

The tax is levied on each instrument conveying an interest in real property to another person

In North Carolina, an excise tax is levied on each instrument by which an interest in real property is conveyed to another person. This means that when a property is transferred from one party to another, the tax is paid in the county where the real estate is located. The tax rate is $1 per $500 of the property's value. For example, a $500,000 property would incur a $1,000 excise tax ($500,000 divided by $500, multiplied by $1).

The person or business selling the property pays the excise tax, and half of the tax goes to the county while the other half is sent to the state department of revenue. If the tax is not paid, the county can take the case to court to collect the tax.

There are some exemptions to the excise tax. For instance, if the real estate transfer is related to a will or a gift, or if the property is transferred due to a merger or consolidation, then the seller does not have to pay the excise tax.

In addition to the excise tax, some counties in North Carolina also levy a land tax, which is 1% of the sales price or the value of the property as determined by the county. This tax is paid on top of the excise tax and is used for capital expenditures like improving libraries, jails, and recreational facilities.

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