What Is the Pennsylvania REV-183 Statement of Value?

The Pennsylvania Realty Transfer Tax Statement of Value, form REV-183, is a document filed with a county’s Recorder of Deeds. Its function is to declare the value of property being transferred. This provides state and local taxing authorities with the necessary data to compute the realty transfer tax due on the transaction. The form is a required component of the property recording process in specific situations to ensure the tax is based on the property’s true worth.

When the Statement of Value is Required

A Statement of Value must accompany any deed or document transferring an interest in real estate when the full value is not stated in the document itself. This includes transactions where the property is a gift, meaning no monetary consideration is exchanged.

The form is also required when a tax exemption is claimed. An exception exists for transfers that are wholly exempt based on a family relationship, such as between spouses, a parent and child, siblings, or a grandparent and grandchild. In these situations, a Statement of Value is not required if the deed itself clearly states the relationship and the reason for the exemption.

The requirement extends to more complex transfers as well. When a property is moved into or out of a trust, a REV-183 is necessary, and a copy of the trust agreement must be attached. Transfers of real estate from a deceased individual’s estate to a beneficiary, whether through a will or intestate succession, also trigger the filing requirement. Business-related transfers, such as those between a principal and an agent or as part of a corporate merger, also necessitate the form.

Required Information for the Statement of Value

To properly complete the REV-183, several pieces of information are needed. The form is divided into sections that capture the details of the transaction, the property, and its valuation. It is important to fill out the form in its entirety to avoid rejection by the county Recorder of Deeds.

The initial sections require the full names and mailing addresses of all grantors (sellers) and all grantees (buyers). The date the transfer document was accepted by the grantee must also be entered. The form requires a complete description of the property’s location. This includes the street address, county, municipality, and the local school district. The tax parcel number, a unique identifier assigned by the county assessment office, is also required.

You must state the actual cash consideration, which is the total amount of money paid for the property. The form also asks for the property’s assessed value as determined by the county for property tax purposes. A calculation involves multiplying this assessed value by the county’s Common Level Ratio factor, a figure published by the state to adjust assessed values to current market values.

This computed value helps establish the fair market value for the transaction. If an exemption from the transfer tax is claimed, a specific section must be completed. This section details the reason for the exemption, such as a transfer to a public utility or a corrective deed.

Filing the Completed Form

Once the Statement of Value is completed, it must be signed by a responsible party or correspondent. The completed form is then filed in duplicate alongside the new deed and any other required documentation. The entire package is submitted to the Recorder of Deeds office in the county where the real estate is located. This makes the transfer of ownership a matter of public record.

The filing is done in person or by mail. At the time of filing, any realty transfer tax that is due must be paid. The total tax is a percentage of the property’s value and is split between the state and the local taxing authorities, including the municipality and school district. The Recorder of Deeds will not accept the deed for recording without the completed REV-183 and payment of all applicable taxes and fees.