Senate Legislation Would Cost Counties Millions
Associated Press - March 20, 2014 7:42 am
Kansas senators have approved a bill repealing mortgage registration fees, a move that county leaders say will cost them millions of dollars.
Senate Bill 298 would phase out over five years the fees lenders pay to county governments based on the cost of a mortgage for a residential or commercial property. The bill offsets some of the lost revenue with an increased document filing fee for deeds and mortgages.
The fees brought in $7.4 million in revenue for Sedgwick County in 2012. County spokeswoman Kristi Zukovich says the county estimates it will lose as much as $800,000 in 2015 and $3.4 million by 2019.
Sent. Jeff Melcher, a Leawood Republican, says if counties need to make up the lost revenue they can raise property taxes.
Associated Press iformation from: The Wichita Eagle