A property owner in Ohio transfers property to his LLC for no consideration. The owner is the sole member of the LLC. Regarding the conveyance fee, which statement is MOST accurate?
Correct Answer
B) The transfer may be exempt if it is a transfer to an entity where the grantor holds 100% ownership and no consideration is paid
Under ORC §319.54(G)(3), certain transfers without consideration may be exempt from the conveyance fee. A transfer from an individual to their wholly-owned LLC, where no monetary consideration is exchanged, may qualify as an exempt transfer under the statutory exemptions for transfers between related entities.
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A duplex in Summit County, Ohio sells for $185,000. The county charges the full permissive fee. The seller also has $2,400 in unpaid property taxes. At closing, the seller's total charges for conveyance fee and delinquent taxes are:
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Three adjacent lots in Montgomery County, Ohio sell together for $90,000. Montgomery County charges the full permissive fee. What is the total conveyance fee for this multi-parcel transaction?