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The amount of tax due depends on the fair market value of the property that is transferred:
- If the fair market value is $200,000 or less, the tax is 1% of the fairmarketvalue.
- If the fair market value is greater than $200,000, the tax is 1% of the fairmarket value up to $200,000, plus 2% on the portion of the fair market value that is greater than $200,000.
For example:
- if fair market value of property is $150,000
tax payable is: 1% of $150,000 = $1,500 - if fair market value of property is $250,000
tax payable is: 1% of $200,000 = $2,000
plus 2% of $50,000 = $1,000
for total tax payable of $3,000
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