Effective immediately, the Philadelphia Realty Transfer tax will not have to paid on the Office of Property Assessment (OPA) assessed value. When a deed is recorded the transfer tax will be paid on the sale price. The Department of Revenue still reserves the right to audit any transaction that they believe to be fraudulent.
The City of Philadelphia Law Department will be sending out notices to title companies. GPAR recommends that any questions be directed to title companies and underwriters.
Lastly, GPAR is grateful for the efforts of Councilman-at-Large Allan Domb for advocating on behalf of our Association on this issue.