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It is a state form that is used to set the value of a property being conveyed or to explain the reason for an exemption of transfer tax. They must be presented with a deed that is exempt of tax and our office will forward them to the Department of Revenue for review and final approval. Statements of value are required any time the true value of a property is not shown on the deed (such as in a $1 consideration) or when the tax is not paid at recording.
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There is a 1% state tax and a 1% local tax on the consideration or value of the property and interest being conveyed, except for State College Borough (3%), Ferguson Township (2.75%), and Taylor Township (1.5%). The state share is forwarded to the Department of Revenue. The local share is split between the municipality in which the real estate is located and the school district which serves that location.
Centre County Tax Rate Table