§ 11-3-207. VALUATION - IN GENERAL.

(a)

General principle. The transfer tax shall be based on the consideration paid or to be paid for the property, as stated by the person paying the tax.

(b)

Consideration. For purposes of this section, consideration paid or to be paid:

(1)

Includes the amount of indebtedness outstanding, as of the date of transfer, under any mortgage or deed or trust assumed by the transferee, or to which the transferee's title shall remain subject; and

(2)

Does not include the amount of indebtedness secured by any mortgage or deed or trust granted by the transferee in connection with the transfer.

(c)

Director may inquire about the consideration. The Director may make inquiry to determine the consideration paid or to be paid for the property.

(d)

Director may base tax on market value. If a taxpayer or taxpayer's agent is unable to show affirmatively to the Director what the consideration paid or to be paid for the property is, the Director may base the transfer tax on the market value of the property transferred.

(1988 Code, § 33-130) (Bill No. 87, 1990, § 2, 8-13-1990; Bill No. 68, 1992, § 1, 7-1-1992; Bill No. 128, 1992, § 2, 7-13-1992; Bill No. 49-96, § 20, 7-1-1996; Bill No. 33-03, § 2, 7-1-2004)