Real estate transfer tax in case of fractional dissolution
Good morning, my sister and I have received a property consisting of 3 plot numbers from our parents, each owning an equal share. Each plot number is built upon. Two houses are connected on 2 plots, with one plot having 2 garages. If the fractional ownership is dissolved and we exchange the houses so that each of us has a whole one instead of half, will real estate transfer tax be due? One of the co-owners will buy out the other since the plots or houses do not have the same value. Thank you for your assessment of how the real estate transfer tax will be calculated.
