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The DC Code: § 42-1104 Computation of tax where absence of or no consideration; when fair market value to be shown on return; consideration on deeds of trust or mortgages.

Index42 Real Property. (Refs & Annos)
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.
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.
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.

Historical and Statutory

Prior Codifications 1981 Ed., § 45-924. 1973 Ed., § 45-724. Legislative History of Laws For legislative history of D.C. Law 3-92, see Historical and Statutory Notes following § 42-1101. For legislative history of D.C. Law 8-20, see Historical and Statutory Notes following § 42-1101. For legislative history of D.C. Law 10-128, see Historical and Statutory Notes following § 42-1102.01. Miscellaneous Notes Application of Law 8-20: See Historical and Statutory Notes following § 42- 1101. Application of Law 10-128: See Historical and Statutory Notes following § 42- 1101. DC CODE § 42-1104 Current through December 11, 2012

Credits

(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.)