In PA we have a 2% realty transfer tax. Typically this is split 50-50 between buyer and seller.
Can anyone tell me if transferring a jointly owned property into a same-jointly owned LLC subjects this to this transfer tax?
Probably does. Consult your county taxing authority for a definitive response.
I would contact a local title company or RE atty.
In the several states I have done this, it did NOT trigger the transfer tax; however, usually each state seems to have some type of form one fills out when you transfer property (has various names). How that form is filled out will determine if any transfer tax is due.
I think I found the answer after poking around on a PA gov’t website…looks like the tax applies in my scenario. :angry
There are some family related situations where a transfer would be exempt.