Kansas Groups Seek Repeal of Mortgage Fee
Associated Press - November 25, 2013 7:06 pm
A monthly survey of bankers suggests the economy will remain weak in rural parts of 10 Midwestern and Western states because of low grain and oil prices.
Realtors and bankers in Kansas want to do away with county fees to register property bought on a mortgage.
The groups say the mortgage registration fee discriminates against people who borrow money to buy homes or business property.
The Wichita Eagle reports that county officials want to keep the fee. They say without the fee it’s estimated that counties across the state will lose about $47 million a year in revenue.
The Kansas Bankers Association also says the registration fee is actually a tax because nearly all the amount charged goes to the county’s general fund and doesn’t reflect the cost of recording the document.
Counties say increased property taxes to make up for lost revenue would be a bigger burden on homeowners and businesses than the fee.
(Information from: The Wichita Eagle