1. (a) Consideration for a deed conveying title to real property or transferring an economic interest in real property, for purposes of the tax imposed by § 42-1103(a) and (b), including any mortgages, liens, or encumbrances thereon, shall be the amount required to be paid or provided in exchange for the execution and delivery of the deed. Where no price or amount is paid or required to be paid for the real property or for the transfer of an economic interest in real property or where the price is nominal, the consideration for the deed shall, for purposes of the tax imposed by § 42-1103(a) and (b), be the fair market value of the real property, and the tax shall be based upon the fair market value.
2. (b) On a deed conveying a security interest in real property, the principal amount of debt that the deed secures, for the purposes of the tax imposed by § 42-1103(c), shall be the principal amount of the debt recited on the face of the deed unless, from other information available to the Mayor, the Mayor determines that the principal amount of debt is a higher amount.
3. (c) Whenever, in the opinion of the Mayor, a submission for recordation does not contain sufficient information to determine the fair market value of real property conveyed by a deed, an economic interest in real property transferred by a deed, or the principal amount of debt secured by a deed, the Mayor may determine the amount from the information available.

4. (d)

   1. (1) The transferor or transferee of real property or an economic interest in real property may, pursuant to § 47-825.01a(d), file a petition for review of the determination of fair market value made under subsection (c) of this section or under § 42-1103(a). The notice of final determination issued by the Office of Tax and Revenue on the petition for review may be appealed to the Real Property Tax Appeals Commission for the District of Columbia as provided in § 47-825.01a(e).
   2. (2) A transferor or transferee aggrieved by a fair market value determination under subsection (c) of this section or under § 42-1103(a) may appeal the determination to the Superior Court as provided in § 47-825.01a(g).
   3. (3) For the purposes of this subsection, the terms "transferor" and "transferee" shall have the same meaning as provided in § 47-901(10) and (11), respectively.

Editor's Notes

Application of Law 10-128: See Historical and Statutory Notes following § 42-1101.

Application of Law 8-20: See Historical and Statutory Notes following § 42-1101.

History

Mar. 2, 1962, 76 Stat. 12, Pub. L. 87-408, title III, § 304

Sept. 13, 1980, D.C. Law 3-92, § 101(d), 27 DCR 3390

Sept. 9, 1989, D.C. Law 8-20, § 2(d), 36 DCR 4564

June 14, 1994, D.C. Law 10-128, § 101(f), 41 DCR 2096

July 18, 2026, D.C. Law 26-147, § 2

Prior Codifications

1973 Ed., § 45-724.

1981 Ed., § 45-924.

Section References

This section is referenced in § 42-1101.