Hilltop Properties Associates Ltd. Partnership v. Commonwealth

LEADBETTER, Judge.

Hilltop Properties Association appeals from the order of the Board of Finance and Revenue (Board) that sustained the decision of the Department of Revenue’s Board of Appeals. The Board of Appeals determined that additional real estate transfer tax is due on Hilltop’s acquisition of a shopping plaza. The Board concluded that Hilltop underpaid the transfer taxes because it did not properly compute the taxable value of the property under Section 1101-C of the Tax Reform Code of 1971 (Tax Reform Code). 1 We affirm.

On June 13, 1997, the Chase Manhattan Bank, the holder of a…