1. a. There is imposed on each deed, instrument, or writing by which any lands,
tenements, or other realty in this state are granted, assigned, transferred, or otherwise
conveyed, a tax determined in the following manner:
(1)When there is no consideration or when the deed, instrument, or writing is executed
and tendered for recording as an instrument corrective of title, and so states, there is no tax.
(2)When there is consideration and the actual market value of the real property
transferred is in excess of five hundred dollars, the tax is eighty cents for each five hundred
dollars or fractional part of five hundred dollars in excess of five hundred dollars.
b. The term “consideration”, as used in this chapter, means the full amount of the actual
sale price of the real property involved
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1. a. There is imposed on each deed, instrument, or writing by which any lands,
tenements, or other realty in this state are granted, assigned, transferred, or otherwise
conveyed, a tax determined in the following manner:
(1) When there is no consideration or when the deed, instrument, or writing is executed
and tendered for recording as an instrument corrective of title, and so states, there is no tax.
(2) When there is consideration and the actual market value of the real property
transferred is in excess of five hundred dollars, the tax is eighty cents for each five hundred
dollars or fractional part of five hundred dollars in excess of five hundred dollars.
b. The term “consideration”, as used in this chapter, means the full amount of the actual
sale price of the real property involved, paid or to be paid, including the amount of an
encumbrance or lien on the property, if assumed by the grantee.
c. It is presumed that the sale price so stated includes the value of all personal property
transferred as part of the sale unless the dollar value of personal property is stated on the
instrument of conveyance. When the dollar value of the personal property included in the
sale is so stated, it shall be deducted from the consideration shown on the instrument for the
purpose of determining the tax.
2. When each deed, instrument, or writing by which any real property in this state is
granted,assigned,transferred,orotherwiseconveyedispresentedforrecordingtothecounty
recorder, a declaration of value signed by at least one of the sellers or one of the buyers or
their agents shall be submitted to the county recorder. However, if the deed, instrument,
or writing contains multiple parcels some of which are located in more than one county,
separate declarations of value shall be submitted on the parcels located in each county and
submitted to the county recorder of that county when paying the tax as provided in section
428A.5. A declaration of value is not required for those instruments described in section
428A.2, subsections 2 through 5, 7 through 13, and 16 through 21, or described in section
428A.2, subsection 6, except in the case of a federal agency or instrumentality, or if a transfer
istheresultofacquisitionoflands, whetherbycontractorcondemnation, forpublicpurposes
through an exercise of the power of eminent domain.
3. The declaration of value shall state the full consideration paid for the real property
transferred. If agricultural land, as defined in section 9H.1, is purchased by a corporation,
limited partnership, trust, alien or nonresident alien, the declaration of value shall include
the name and address of the buyer, the name and address of the seller, a legal description
of the agricultural land, and identify the buyer as a corporation, limited partnership, trust,
alien, or nonresident alien. The county recorder shall not record the declaration of value, but
shall enter on the declaration of value the information the director of revenue requires for
the production of the sales/assessment ratio study and transmit all declarations of value to
the city or county assessor in whose jurisdiction the property is located. The city or county
assessor shall provide the information the director of revenue requires for the production of
the sales/assessment ratio study at times as directed by the director of revenue. The assessor
shall retain for three years from December 31 of the year in which the transfer of realty for
which the declaration was filed took place. The director of revenue shall, upon receipt of
§428A.1, REAL ESTATE TRANSFER TAX 2
the information required to be filed under this chapter by the city or county assessor, send
to the office of the secretary of state that part of the declaration of value which identifies
a corporation, limited partnership, trust, alien, or nonresident alien as a purchaser of
agricultural land as defined in section 9H.1.