Kansas Bill Phases Out Mortgage Registration Tax

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On May 14, Kansas Governor Sam Brownback signed HB 2643, which gradually eliminates the state’s mortgage registration tax. Under current law, state-chartered banks must charge mortgage loan borrowers a registration tax. Over a five-year period, the bill will gradually replace mortgage registration tax revenue with other fees collected by county registers of deeds applicable from all mortgage lenders. In addition, beginning on January 1, 2015 the maximum fee for recording single family mortgages of $75,000 or less will be $125.

Topics:  Mortgage Registration Tax, Mortgages

Published In: Finance & Banking Updates, Residential Real Estate Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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