FISCAL NOTE
FUND(S):
General Revenue Fund, county governments
Sources of Revenue:
General Fund,Other Fund county governments
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this bill is to limit each county commission imposing a mortgage recording tax of not more than one dollar per thousand dollars.
The provisions of this bill would create a state privilege tax of $0.50 per $500 of value imposed upon the recording of any mortgage or deed of trust given as security for a debt. The State Tax Department lacks sufficient data to make an accurate estimate on the revenue gain associated with passage of this bill. Additional revenue gain from the proposed fee would be earmarked for use by county clerks of court to comply with The Uniform Electronic Transaction Act, §39A-1-1 et. seq.
There would be no additional administrative costs to the State Tax Department associated with passage of this bill.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2008
Increase/Decrease
(use"-") |
2009
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
0 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
The stated purpose of this bill is to limit each county commission imposing a mortgage recording tax of not more than one dollar per thousand dollars.
The provisions of this bill would create a state privilege tax of $0.50 per $500 of value imposed upon the recording of any mortgage or deed of trust given as security for a debt. The State Tax Department lacks sufficient data to make an accurate estimate on the revenue gain associated with passage of this bill. Additional revenue gain from the proposed fee would be earmarked for use by county clerks of court to comply with The Uniform Electronic Transaction Act, §39A-1-1 et. seq.
There would be no additional administrative costs to the State Tax Department associated with passage of this bill.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kpetry@tax.state.wv.us