SB216 Summary

• Requires persons presenting deeds, bills of sale, or other property transfer instruments to judges of probate to provide proof of the actual purchase price or actual value of the property being conveyed.

• If proof of actual purchase price or value is not presented, the privilege or license tax will be calculated based on the property's assessed value instead of the claimed value.

• Establishes a penalty of $100 or 25 percent of the privilege or license tax due (whichever is greater) for persons who intentionally fail to submit required proof or who present false proof following a specific request from the probate office.

• Requires the Department of Revenue to develop a standardized form for attesting to actual property value or purchase price; persons using the form in good faith are protected from liability for inaccurate information.

• Becomes effective on the first day of the third month following passage and approval by the Governor.