This Technical Advisory is intended to summarize for tax professionals recent developments pertaining to the State and Municipal real estate conveyance taxes. Except as otherwise indicated, this Technical Advisory pertains to conveyance made on or after July 1, 1989.
Unimproved land means land that has never been improved.
Whether property is residential or nonresidential depends on the use to which the property has been devoted by the grantor. 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.