2010 Rhode Island Code
Title 44 Taxation
CHAPTER 44-25 Real Estate Conveyance Tax
§ 44-25-1 Tax imposed – Payment – Burden.

§ 44-25-1 Tax imposed – Payment – Burden. – (a) There is imposed, on each deed, instrument, or writing by which any lands, tenements, or other realty sold is granted, assigned, transferred, or conveyed to, or vested in, the purchaser or purchasers, or any other person or persons, by his or her or their direction, when the consideration paid exceeds one hundred dollars ($100), a tax at the rate of two dollars ($2.00) for each five hundred dollars ($500) or fractional part of it which is paid for the purchase of the property (inclusive of the value of any lien or encumbrance remaining at the time of sale), which tax is payable at the time of making, execution, delivery, acceptance or presenting for recording of the instrument. In the absence of an agreement to the contrary, the tax shall be paid by the grantor.

(b) In the event no consideration is actually paid for the lands, tenements, or realty, the instrument of conveyance shall contain a statement to the effect that the consideration is such that no documentary stamps are required.

(c) The tax administrator shall contribute to the distressed community relief program the sum of thirty cents ($.30) per two dollars ($2.00) of the face value of the stamps to be distributed pursuant to § 45-13-12. The state shall retain sixty cents ($.60) for state use. The balance of the tax shall be retained by the municipality collecting the tax. Provided, however, in fiscal years 2004 and 2005, from the proceeds of this tax, the tax administrator shall deposit as general revenues the sum of ninety cents ($.90) per two dollars ($2.00) of the face value of the stamps. The balance of the tax is retained by the municipality collecting the tax.
History of Section.
(P.L. 1968, ch. 89, § 2; P.L. 1978, ch. 290, § 1; P.L. 1989, ch. 126, art. 52, § 1; P.L. 1998, ch. 31, art. 25, § 1; P.L. 2002, ch. 65, art. 16, § 12; P.L. 2004, ch. 595, art. 16, § 1.)