Land Transfer Tax
In 1985, Currituck County was one of the first seven counties in North Carolina to levy a local excise tax on the transfer of real estate. Authority to levy such a tax was granted by the North Carolina General Assembly by S.L. 1985-670 (House Bill 215). This authority was originally scheduled to expire after ten years, but the sunset provision was repealed in 1991 by S.L. 1991-47 (House Bill 84).
The land transfer tax equals $1.00 per $100.00 or fraction thereof (1% rounded up to the next dollar) of the sales price or value of the property. The tax is levied on deeds and certain long-term leases. The Tax Department certifies on the document the amount of transfer tax due and the tax is paid to the Register of Deeds at the time the document is recorded. The use of the tax revenue is restricted to capital expenditures for solid waste disposal and county-operated buildings and related equipment or to retire debt for these purposes.
The Land Transfer Tax was first imposed on documents recorded in Currituck begining September 1, 1985. As of July 2007 the other counties that levied a land transfer tax were: Camden, Chowan, Dare, Pasquotank, Perquimans, and Washington. State legislation passed in 2007 allows any county in North Carolina to impose a land tranfer with a vote of the people.
Click HERE for Amounts Collected FY 2008-2009 thru 2013-2014
Click HERE for Amounts Collected FY 2003-2004 thru 2006-2007
Click HERE for Amounts Collected FY 2002-2003 & Prior
The Tax applies to: