Iowa Administrative Code › Agency 701 - Revenue Department › Title I - Administration › Chapter 79 - Real Estate Transfer Tax and Declarations of Value › Rule 701-79.5 - 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
				428A2., 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 of a 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 42 8A.
(3)
Agent
				defined.
As used in Iowa Code section
				428A1.,
				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, transfer 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
				428A1.
				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.