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t <br /> l ' (t <br /> 4 ^� <br /> _ <br /> 134 North Carolina Guidebook for Registers of Deeds <br /> provide that"[t]he excise tax on instruments. . . applies to timber deeds <br /> and contracts for the sale of standing timber to the same extent as if these <br /> deeds and contracts conveyed an interest in real property."10° <br /> 3.2.6.1.2 AMOUNT AND COLLECTION <br /> The state excise tax rate is$1 on each$500 or fractional part thereof of the <br /> consideration or value of the interest or property conveyed.101 An assumed <br /> obligation secured by a deed of trust is counted as part of the consideration, <br /> and there is no deduction for an assumed loan or other obligation secured <br /> by the property. <br /> If the amount paid for the property is not a multiple of$500,the amount , <br /> of consideration or value is rounded up to the next multiple of$500 before <br /> computing the tax.For example,if the amount paid for the property was <br /> $27,700,the taxpayer would round the amount up to$28,000,and the tax <br /> would be$56. If the amount paid was$32,350,the taxpayer would round <br /> the amount up to$32,500, and the tax would be$65. <br /> The transferor(grantor,seller)pays the tax to the register of the county <br /> where the land lies 162 If the land lies in more than one county,the tax must <br /> . . Y <br /> be paid to the county where the most valuable part of the real estate lies.101 <br /> The statute provides that"[b]efore the instrument may be recorded,the <br /> Register of Deeds must collect the tax due and mark the instrument to <br /> indicate that the tax has been paid and the amount of the tax paid."114 This <br /> is accomplished with a tax stamp affixed to the registered instrument or <br /> }� with a notation that the excise tax was paid,including its amount. <br /> The person who presents the instrument to the register is responsible for <br /> reporting the amount of tax due to the register.l05 The register is therefore <br /> not responsible for making determinations about the application of the <br /> tax or its amount,nor is it the register's role to challenge a representation <br /> that no consideration has been paid for a transfer. This creates an odd <br /> dynamic,because although the grantor is responsible for paying the tax41 <br /> " <br /> to the register,the grantee or the grantee's representative usually presents , <br /> the instrument,reports the amount of tax due, and delivers payment of <br /> 100.G.S.105-228.30(a). <br /> 101.Id. <br /> 102.Id. <br /> 103.Id. <br /> " 104.G.S.105-228.32. <br /> 105.Id. <br />