Section 77.26. Powers of investigation, additional fees, refunds, penalties.

 

(1)  The department of revenue may examine any records of any party to a conveyance to determine the real estate transfer fee due and the accuracy of the return submitted.

(2)  If the department of revenue determines that the amount of the real estate transfer fee reported was in error or that an exemption was improperly claimed, the department shall compute the additional transfer fee to be paid by, or the amount of the overpayment of transfer fee to be refunded to, the grantor.

(3)  All additional assessments and claims for refund are subject to the applicable notice provisions and procedures for review, final determination, collection, interest and penalties provided for additional income or franchise tax assessments and claims for refund under ch. 71 .

(4)  The department of revenue shall collect additional real estate transfer fees and divide the amount collected with the appropriate county in the proportion under s. 77.24 .

(5)  In the case of overpayment of transfer fees by any grantor under sub. (2) , the department of revenue shall certify the overpayment to the department of administration for payment of the refund to the grantor.

(6)  The department of revenue shall notify the appropriate county treasurer of any refund paid by the state, and the appropriate county treasurer shall increase the county's next payment to the state to reimburse the state for the county's share of the refund.

(7)  No person may make additional assessments of transfer fees or claim a refund of excess transfer fees paid after 4 years have elapsed from the date the transfer fee was due under s. 77.22 .

(8)  If the department of revenue determines that the value reported on the return under s. 77.22 is understated by 25 percent or more or that an exemption was improperly claimed under s. 77.25 , the department shall assess and collect a penalty of $25 or 25 percent of the additional fee due, whichever is greater, in the manner that additional transfer fees are collected.

1983 a. 27 ; 1991 a. 39 .