Unlike your typical property tax which is paid to the State on a semi-annual basis, conveyance tax is paid on actual and full consideration for the transfer of realty, including leases and subleases, a tax of 10¢ per $100 is imposed for conveyances under $600,000; 20¢ per $100 for conveyances between $600,000 and $1 million; and 30¢ per $100 for conveyances in excess of $1 million.
If the property is transferred to a person who will not use the property as their primary residence (and does not qualify for a homeowner exemption), your conveyance tax is slightly higher: 15¢ per $100 for properties valued up to $600,000; 25¢ per $100 for properties valued between $600,000 and $1 million; and 35¢ per $100 for properties valued at over $1 million.
In the sale of residential property the seller is usually responsible for paying the conveyance tax. Minimum tax on each transaction is $1.00. Certain exemptions are allowed. Here is a conveyance tax exemption form which may explain why a property transfer is exempt.
