Real Estate Tax Exemption
There are generally two types of taxes of which foreign missions may be eligible for an exemption associated with the purchase and ownership of property in the United States. These taxes are Recordation or Transfer Tax and Property Tax.
Property Recordation/Transfer Tax is a one-time tax levied on the passing of title to property. This type of tax is only imposed by tax authorities when there is a change in ownership of a real property. Please click here for additional information concerning Property Recordation/Transfer Tax.
Property Tax is an annual or semi –annual tax imposed by one or more governmental jurisdictions that is normally based on the assessed value of the property. Please click here for additional information concerning Property Tax.
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