Recordation tax; eliminates exemption for deeds of trust securing a refinanced obligation. (SB409)
Introduced By
Sen. Emmett Hanger (R-Mount Solon)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Recordation tax. Eliminates the recordation tax exemption for certain deeds of trust securing a refinanced obligation, and establishes a reduced tax for all refinancing deeds of trust or mortgages that is equal to a maximum of 18 cents ($0.18) per $100 of the amount refinanced. Under current law, there is an exemption for a deed of trust or mortgage that is refinanced with the same lender on the principal amount of the original debt; all other such instruments of refinancing are subject to the tax at rates higher than the new rates established in the bill. Amends § 58.1-803 (“Deeds of trust or mortgages; maximum tax.”), of the Code of Virginia. View Full Text »
Outcome
Bill Has Passed
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