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Hilltop Properties Associates Limited Partnership v. Commonwealth

The acquisition of a shopping plaza by plaintiff, as assignee of a mortgagor, required the payment of a real estate transfer tax based on the property's true value rather than the purchase price.

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ARGUED: December 4, 2000

Hilltop Properties Association appeals from the order of the Board of Finance and Revenue (Board) that sustained the decision of the Department of Revenue’s Board of Appeals. The Board of Appeals determined that additional real estate transfer tax is due on Hilltop’s acquisition of a shopping plaza. The Board concluded that Hilltop underpaid the transfer taxes because it did not properly compute the taxable value of the property under Section 1101-C of the Tax Reform Code of 1971(Tax Reform Code). *fn1 We affirm.

On June 13, 1997, the Chase Manhattan Bank, the holder of a mortgage on the real property eventually acquired by Hilltop, rendered the successful bid at foreclosure sale. Thereafter, Chase assigned its rights to the successful bid to Hilltop for the sum of $1.2 million. Pursuant to this assignment, the sheriff conveyed the property to Hilltop by a deed that recites consideration of $1,475.97. Upon recordation of the deed along with a mortgage to First Summit Bank for $1.2 million, Hilltop paid transfer tax in the amount of $12,000.00, representing 1% of the amount paid for the assignment. Subsequently, the Department of Revenue issued a notice of determination that valued the taxable transfer at $3,353,790.00, the computed value of the realty. Accordingly, the Department determined that the tax due upon recordation of the deed was $33,537.00. Hilltop petitioned for a redetermination, which the Board of Appeals denied. Hilltop then appealed to the Board of Finance and Revenue, which sustained the Department’s determination, and thereafter to this court. *fn2

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