This Special Notice is intended to summarize changes made by the 1989 General Assembly to the real estate conveyance taxes.
Unimproved land means land that has never been improved.
If a portion of the property has been used for residential purposes and the remaining portion has been used for nonresidential purposes, the use to which a preponderance of the square footage has been devoted is the use to which the property is deemed to have been devoted. If the square footage devoted to nonresidential use equals the square footage devoted to residential use, the property is deemed to have been devoted to nonresidential use. In no event may the consideration be allocated or apportioned, with one rate applied to a portion of the consideration and another rate applied to the remainder. She conveys the house to a developer who will renovate it into a commercial office building. It is the use to which the property has been devoted by the grantor that determines the type of property being conveyed.