Form REV-183 - Realty Transfer Tax Statement of Value

What Is REV-183 Form

The REV-183 form, known as the Realty Transfer Tax Statement of Value, is a crucial document in the real estate world. Issued by the Pennsylvania Department of Revenue, this form is specifically designed to handle transactions related to real estate transfers. Whenever there's a transfer, sale, or exchange of property ownership in Pennsylvania, completion of Form REV-183 is usually required.

This form is particularly useful when the calculated realty transfer tax, based on a property's assessed value, is presumed not to reflect the actual market value. Form REV-183 enables an accurate, justifiable tax allocation.

What Does a Realty Transfer Tax Statement Of Value Do

The Realty Transfer Tax Statement of Value provides a detailed property valuation, which is crucial in determining the transfer tax due for the transaction. It ensures the tax levied on the transaction is fair and justifiable, based on the property’s actual worth, ensuring transparency in all property dealings and discouraging undervaluation or overvaluation.

How To Fill Out REV-183 Form

Section I: Transfer Data

Enter the date the document was delivered to and accepted, and fill in all parties' full names and addresses. Include telephone numbers for each.

Section II: Real Estate Location

Provide the street address of the transferred real estate, specify the county, city, township, or borough, enter the name of the school district, and fill in the tax parcel number associated with the property.

Section III: Valuation Data

Enter the cash amount received by the grantor for the real estate transfer, specify noncash considerations, calculate the sum of the Actual Cash Consideration and Other Consideration, enter the county's assessed value for the real estate, input the common level ratio factor for the county, and compute the product of the County Assessed Value and the Common Level Ratio Factor.

Section IV: Exemption Data

If applicable, state the dollar amount claimed as exempt, enter the grantor's ownership percentage in the real estate, and specify the percentage of the grantor's interest being transferred.

Section V: Correspondent Information

Provide the name, address, and telephone number of the person to contact, and the responsible party must sign and date the form.

General Guidelines: Ensure all information is accurate and complete, attach any required documents, and file the form in duplicate with the Recorder of Deeds.

When To File Realty Transfer Tax Statement Of Value

The REV-183 Form should be filed promptly once the property transaction has occurred, usually when the deed is recorded with the local Recorder of Deeds. Prompt filing is paramount to avoid penalties and ensure compliance with tax laws.