Various states have updated legislation and fee increases regarding recording fees, the real estate conveyance and recordation tax. Read more about these updates from Virginia, Connecticut, Maryland, and Indiana.
- Effective July 1, 2020, the Clerk of the Circuit for Loudon County increased the recording fee.
- Effective July 1, 2020, the state increased the mansion conveyance tax from 1.25% to 2.25% for Connecticut homes sold in excess of $2.5 million. A credit, claimable against the income tax, is now allowed for taxpayers remaining in Connecticut in subsequent periods not immediately following the sales.
- Frederick County passed legislation (Bill 20-03) that will be effective October 1, 2020. The bill provides that the economic viability of the agriculture industry in Frederick County and sets aside money for 1) agricultural diversification economic development grants; 2) rural historic preservation; and 3) first-time homebuyer assistance. The amounts allotted to each purpose will be established in the annual budget.
- Howard County passed legislation (CR84-2020), effective July 1, 2020, that increases the “County Transfer Tax” to 1.25%.
- Senate Enrolled Act 340, effective July 1, 2020, changes Indiana Code 32-21-2-3 by replacing “or” with “and”. Please contact your Underwriting Counsel to discuss how this may affect the execution of recorded documents.