What is the real estate transfer tax?

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

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1. What is the real estate transfer tax?
2. Who pays the transfer tax?
3. Are any transactions exempt?
4. What is a statement of value?