Questions about the Land Transfer Tax

By Michael Resnick
Posted Tuesday, October 16, 2007

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Pittsboro, NC - The following questions should be easy to answer but I have not been able to find the answers on line or in the newspaper articles I have read. I ask them as one who is inclined to favor the tax, though I expect that it will subject me to an additional tax burden.

I will be grateful for direct, factual and “neutral” answers to these questions.

1) If I give a piece of real property to my children while I am alive, will the transfer be subject to the tax?

2) If I bequeath a piece of real property to someone, will that transfer be subject to the tax when my will is executed?

3) If I arrange to have timber cut (harvested) and marketed with the logger returning to me a share of the proceeds (but I do not use a timber deed), will that transfer be subject to the tax? (Substitute other crops for timber crops to generate a host of similar questions.)

4) Where can one read the full text of the regulation we are being asked to approve? Will it be a version of a statewide regulation or will it be tailored to Chatham County?