A documentary stamp tax is a transfer tax established on the price of the property being conveyed. Someone who possesses all ownership stakes in real property owns. legal title to the real effects.
Proprietary stamps paid tax obligations on goods like alcohol and tobacco, and were also used for various benefits, while Documentary stamps paid assignments on legal documents, mortgage deeds, stocks and a fair number of other legal transactions.
The tax is paid by the person creating, signing, issuing, accepting or transferring the records. However, whenever one party to the taxable document enjoys exemption from the tax, the other party thereto who is not excused shall be the one directly responsible for the tax.
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