State recordation taxes and fees; makes substantive and technical changes. (HB558)

Introduced By

Del. Randy Minchew (R-Leesburg)

Description

State recordation taxes and fees. Makes substantive and technical changes to state recordation taxes and fees, including defining the value of property for recordation tax purposes as the value determined by a licensed appraiser within the six months prior to the date of recordation, provided an affidavit is submitted to the clerk of the court stating, among other things, the name, state of licensing, and license number of the appraiser and stating the appraised value of the property as provided in the appraisal report. If no such appraisal was performed, then the value for recordation tax purposes would be the current assessed value of the property as shown on the local tax assessor's records. Under current law, the value for recordation tax purposes is the fair market value of the property at the time of recordation. The bill allows the parties to a deed or other instrument to allocate the liability for recordation taxes as the parties deem appropriate. Read the Bill »

Outcome

History