CLTA News Express
An Express Article from the California Land Title Association
Recording Tax Bill Introduced
Bulletin 12/13-70 - February 22, 2013
Legislation imposing a $75 recording fee to fund affordable housing has been introduced in the Legislature. Senate Bill 391 (DeSaulnier) makes extensive legislative findings about the need to establish permanent, ongoing sources of funding dedicated to affordable housing development.
Senate Bill 391 would establish a $75 fee on all documents that the bill defines as real estate instruments, except those recorded in connection with a transfer subject to the documentary transfer tax. The documents subject to the fee include, but are not limited to, deeds, deeds of trust, reconveyances, notices of default, abstracts of judgment, mechanics’ liens, and covenants conditions and restrictions.
The fees would be sent quarterly to the Department of Housing and Community Development for deposit in the newly created California Homes and Jobs Trust Fund. The money would be available for appropriation by the Legislature to support the development, acquisition, rehabilitation and preservation of low and moderate income housing.
Since the legislation does increase taxes, it requires a 2/3 vote for passage.
