§ 44-23-13 - Assessment and notice of transfer tax – Collection powers – Lien on property. - Rhode Island Statutes

SECTION 44-23-13

   § 44-23-13  Assessment and notice oftransfer tax – Collection powers – Lien on property. – (a) All taxes imposed by § 44-22-1.1 shall be assessed by the taxadministrator upon the full and fair cash value of the property transferred atthe rates described in chapter 22 of this title and only upon the amount inexcess of the exemptions or deductions specified in that chapter, to be paid tothe tax administrator, and all executors, administrators, or trustees arepersonally liable for any and all taxes until they are paid. Notice of theamount of the taxes shall be mailed to the executor, administrator or trusteeliable for the taxes, and upon request made to the tax administrator to anyother person by whom the taxes are payable, but failure to receive the noticedoes not excuse the nonpayment of or invalidate the taxes. Unless appeal istaken from the assessment, as provided in this chapter, the amount of assessedtaxes is final.

   (b) The tax administrator shall receive and collect theassessed taxes in the manner and with the powers prescribed and given to thecollectors of taxes by chapters 7 – 9 of this title. Payment of thecertified amount is a discharge of the tax.

   (c) The taxes are and remain a lien upon the propertytransferred, and upon all property acquired by the executor, administrator ortrustee in substitution for the property while that property remains in his orher hands until the taxes are paid, but the lien does not affect any tangiblepersonal property or intangible personal property after it has passed to a bonafide purchaser for value. Nothing contained in this section gives the owner ofany securities specified in § 44-23-34 the right to have the securitiestransferred to the owner by the corporation, association, company or trustissuing the securities, until the permit required by § 44-23-34 has beenfiled as provided in § 44-23-34.