A property in Concord, New Hampshire sells for $240,000. Under RSA Chapter 78-B, what is the total amount of Real Estate Transfer Tax (RETT) due at the time of recording, and how much does each party owe?
Correct Answer
A) Total tax $3,600; buyer pays $1,800 and seller pays $1,800
Under RSA Chapter 78-B, New Hampshire imposes a Real Estate Transfer Tax at a combined rate of $1.50 per $100 of consideration, split equally between buyer and seller at $0.75 per $100 each. Calculation: $240,000 ÷ $100 = 2,400 units × $1.50 = $3,600 total. Each party pays: 2,400 × $0.75 = $1,800. The tax is due and collected at the time of recording.
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