Iowa Administrative Code › Agency 701 - Revenue Department › Title II - Property Tax › Chapter 109 - Real Estate Transfer Tax and Declarations of Value › Rule 701-109.5 - Form Completion and Filing Requirements

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Real estate transfer-declaration
				of value form.
A real estate transfer-declaration of value form must
				be completed for any deed, contract, instrument or writing that grants,
				assigns, transfers or otherwise conveys real property, except those
				specifically exempted by law, if the document presented for recording clearly
				states on its face that it is a document exempt from the reporting requirements
				as enumerated in Iowa Code section
				428A.2, subsections 2 through 5,
				7 through 13, and 16 through 21, or subsection 6, except in the case of a
				federal agency or instrumentality, or if a transfer is the result of
				acquisition of property for public purposes through eminent domain, or is a
				deed given in fulfillment ofa previously recorded real estate contract. A real
				estate transfer-declaration of value form is not required for any transaction
				that does not grant, assign, transfer or convey real property.
(2)
Real estate transfer-declaration
				of value: Real estate transfer tax.
Requirements for completing real
				estate transfer-declaration of value forms or exceptions from filing the forms
				shall not be construed to alter the liability for the real estate transfer tax
				or the amount of such tax as provided in Iowa Code chapter 428A.
(3)
Agent defined.
As used
				in Iowa Code section 428A.1, an agent is defined as
				any person designated or approved by the buyer or seller to act on behalf of
				the buyer or seller in the real estate transfer transaction.
(4)
Government agency filing
				requirements.
The real estate transfer-declaration of value form does
				not have to be completed for any real estate transfer document in which the
				state of Iowa or any agency, instrumentality or political subdivision thereof
				is the grantor, assignor, transferor or conveyor or for any transfer in which
				the state of Iowa or any agency, instrumentality or political subdivision
				thereof is the grantee or assignee where there is no consideration. However,
				any transfer in which any unit of government is the grantee or assignee where
				there is consideration is subject to the real estate transfer-declaration of
				value filing requirements (1980 O.A.G. 92) and any transfer to which the United
				States or any agency or instrumentality thereof is a party to the transfer is
				subject to the real estate transfer-declaration of value filing requirements.
				An exception to this subrule is conveyances for public purposes occurring
				through the exercise of the power of eminent domain.
(5)
Recording refused.
The
				county recorder shall refuse to record any document for which a real estate
				transfer-declaration of value is required if the form is not completed
				accurately and completely by the buyer or seller or the agent of either. The
				declaration of value shall include the social security number or federal
				identification number of the buyer and seller and all other information
				required by the director of revenue (
Iowa Association of Realtors et
				al. v. Iowa Department of Revenue,
CE 18-10479, Polk County District
				Court, February 4, 1983). However, if having made good-faith effort, the person
				or person's agent completing the declaration of value is unable to obtain the
				social security or federal identification number of the other party to the
				transaction due to factors beyond the control of the person or person's agent,
				a signed affidavit stating that the effort was made and the reasons why the
				number could not be obtained shall be submitted with the incomplete declaration
				of value. The declaration of value with attached affidavit shall be considered
				sufficient compliance with Iowa Code section
				428A.1 and the affidavit shall
				be considered a part of the declaration of value subject to the provisions of
				Iowa Code section 428A.15.
(6)
Multiple parcels.
Separate declarations of value are to be submitted to each county recorder if
				the real estate conveyed consists of parcels located in more than one county.
				The consideration paid for each property must be separately stated on the
				declaration of value or the recorder shall refuse to record the instrument of
				conveyance.
This rule is intended to implement Iowa Code sections
				  428A.1 and
				  428A.2, and section
				  428A.4 as amended by 2009 Iowa
				  Acts, Senate File 288, section 16.