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600 E. Boulevard Ave.
  Bismarck, ND 58505-0599
  701.328.7088 phone
  701.328.3700 fax
  877.328.7088 toll-free
FOR IMMEDIATE RELEASE Contact: Marcy Dickerson, State Supervisor of Assessments, 701-328-3128
September 4, 2003

Real Estate Transfers Must Report Purchase Price

BISMARCK --- The Tax Department's State Supervisor of Assessments today urged taxpayers purchasing real estate to report the full consideration paid for the real estate. State law requires reporting the full real estate purchase price to the State Board of Equalization or the County Recorder.

"As more and more people are purchasing real estate, and often for the first time, some taxpayers are concerned about disclosing information that they prefer to keep confidential," said State Supervisor Marcy Dickerson."

According to state law, before a deed is recorded it must include a statement about the full consideration. A common practice for certifying the full consideration paid is by including that information on the face of the deed, which also makes it available to the public. This practice is of concern to some taxpayers.

There is a provision in the state law that allows purchasers to provide the full consideration on a separate form directly to the State Board of Equalization or the County Recorder. By providing it directly to the State Board of Equalization or the County Recorder, the purchaser is able to comply with state law and keep the purchase price information confidential. The form, "Statement of Real Estate Full Consideration," must be kept confidential and is available from attorneys, banks, the County Recorder, and the Property Tax Division of the Office of State Tax Commissioner.

Mobile home purchasers must file a similar statement with the application for title.

For more information or to obtain forms, visit the Office of State Tax Commissioner's Web site at www.nd.gov/tax or call the Property Tax Division at 701-328-3127. The Statement of Mobile Home Full Consideration is found on the Department of Transportation Web site at www.nd.gov/dot/formsmv.html.

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