Bill 17-23 Recordation Tax Changes effective October 1, 2023
As a result of Bill 17-23 passing, recordation tax rates will be adjusted effective October 1, 2023 to the new rates on the table below:
| Bill 17-23 Recordation Tax Changes | |||
| Consideration Paid | Existing Rates | New Rates | |
| Base Rate | All Amounts | $2.08 /$500 | Same (No Change) |
| School Increment Rate | All Amounts | $2.37/$500 | Same (No Change) |
| Premium 1 Rate | ($500,000 to $600,000) | $2.30/$500 | Same (No Change) |
| Premium 2 Rate | ($600,000.01 to $750,000) | $2.30/$500 | $5.75/$500 |
| Premium 3 Rate | ($750,000.01 to 1,000,000) | $2.30/$500 | $6.33/$500 |
| Premium 4 Rate | ($1,000,000.01 and over) | $2.30/$500 | $6.90/$500 |
| Instead of 1 Premium Rate for consideration greater than $500,000, the bill adds tiers as shown above. There will now be 4 Premium rate tiers and the first tier will have the same rate as the current single Premium Tier. | |||
To clear up the process of how the documents will be handled for the upcoming New Tiers of Recordation:
Effective 10/1/2023 the Simplifile system will handle documents at the new rates of the Recordation Tax. If the document has not been uploaded into the Simplifile system prior to 9/30/2023 it must go directly to the Transfer Office for processing to receive the previous rates.
We will accept any documents dated prior to 9/30/2023 in paper form until 10/31/2023 at the previous existing rates of Recordation Tax. All documents are to be processed in the Transfer Office via paper method only until 10/31/2023. Any documents presented after 10/31/2023 will be processed at the New Tiers of Recordation Tax whether it will be in paper form or through the Simplifile system.