Why do I have to pay land transfer tax if the purchase price is only 1€?

As stated in the subject, I bought a house including 1200 sqm for 1€, since the house is ready for demolition, only 1€. As I have read, you only have to pay property transfer tax from a purchase price of 2500€ or more, right? Now I have received a letter from the tax office stating that I have to pay 437€ because the land value is 12000€. Is that correct?

Nowadays, many things are sold for 1 Euro,

the state, of course, still holds out its hand!

The tax is basically based on the VALUE of the consideration, not on the price paid. If there is no basis for assessment, as in the case of a symbolic price of 1 Euro, § 138 paragraphs 2 to 4 of the Valuation Act come into play, i.e. a valuation is carried out. This value then serves as the basis for the real estate transfer tax.

If there is only an "insignificant building" on the property that cannot be used, it is considered "undeveloped." The valuation is carried out according to the last determined standard land value.

Regards