Mahoning County Government: New Requirements For LLC Property Transfers

Youngstown OH

16 August, 2021

12:37 PM

Description

Press release from the Mahoning County Government: August 16, 2021 Ralph T. Meacham, CPAMahoning County Auditor For Immediate Release  August 16, 2021For More Information, please call Ralph T. Meacham, CPA (330) 740-2010 New Requirements for LLC Property TransfersAuditor Requires Documentation Mahoning County Auditor Ralph Meacham is announcing that he has instituted new requirements for property transfers seeking exemption from conveyance fees. In Ohio, there is a state-wide mandatory conveyance fee of 1 mill ($1 per $1,000 of the sale price) and Mahoning County is permitted to charge an additional 3 mills ($3 per $1,000 of the sale price) plus a 50¢ per parcel transfer fee. The State of Ohio allows certain types of transfers such as parent to child, one spouse to another or to the trustee of a trust, among others, to qualify for exemption from these conveyance fees. In an effort to ensure that the use of the exemption from conveyance fees is appropriate, Auditor Meacham is now requiring the following documentation at the time of transfer to or from a Limited Liability Company (LLC): 1) A notarized Affidavit of Facts stating the reason for the transfer and why there was no money involved 2) State Certificate of the Articles of Organization. This press release was produced by the Mahoning County Government. The views expressed here are the author's own.