Real Property Transfer Tax Exemptions
Exemption List Effective October 2011
There are 13 exemptions to the imposition of the Real Property Transfer Tax (NRS 375.090). They include in abbreviated form:
1. A mere change of identity, form or place of organization, such as a transfer between a business entity and its parent business entity, a subsidiary or an affiliated business entity if the affiliated business entity has identical common ownership.* Requires documentation of business ownership's. Model 1 Affidavit is also required.
2. A transfer of title to the United States, any territory or state or any agency, department, instrumentality or political subdivision thereof.
3. A transfer of title recognizing the true status. *Note: Will need to state why you are using this exemption.
4. A transfer of title
without considerationfrom one joint tenant/tenant in common to one or more remaining joint tenants/tenants in common. *Requires vesting document # on D/V form.
5. A transfer of real property if the owner is related to the person to whom it is conveyed within the first degree of lineal consanguinity or affinity. *Note: Will need to state relationship of family member; i.e., father to son, spouse to spouse on D/V form.
6. A transfer of title between former spouses in compliance with a decree of divorce. *Requires a copy of the Divorce Decree.
7. A transfer of title to or from a trust
without considerationif a certificate of trust is present at the time of transfer. * Requires proof of trust: i.e., Certificate of Trust, Trust, Affidavit of Trust, etc., And state on D/V form "with" or "without" consideration.
8. Transfers, assignments or conveyances of unpatented mines or mining claims.
9. A transfer, assignment or other conveyance to a corporation or other business organization if the person conveying the property owns 100% of the corporation or organization to which the conveyance is made.* Requires documentation of business ownership.
10. A conveyance of real property by deed which becomes effective upon the death of the grantor pursuant to NRS 111.655 to 111.699. *Please state the relationship on the D/V form.
11. The making, delivery or filing of conveyances of real property to make effective any plan of reorganization or adjustment: *Requires a copy of the Bankruptcy Court Order.
a. Confirmed under the Bankruptcy Act, as amended, 11 U.S.C. §§ 101 et seq.;
b. Approved in an equity receivership proceeding involving a railroad; or
c. Approved in an equity receivership proceeding involving a corporation, if it occurs within 5 years after the change.
12. A transfer to an educational foundation. *Requires a copy of the charter.
13. A transfer to a university foundation. *Requires a copy of the charter.