Awards - Finance Electronic Transfer Tax Application
The Montgomery County Department of Finance designed and developed the Electronic Transfer Tax Application in 2002 as a re-engineering of the simply deeds and deeds of trust business process. This financial management application created a new, paperless processing environment for real estate closing documents. The new system expedites the present transfer environment of real estate closing documents. The new system expedites the present transfer process and enables settlement companies to accomplish County Transfer Office processing of simple deeds and deeds of rust online, rather than utilizing the traditional "walk through" method. The faster processing resulting from the system benefits the County through faster deposit of tax receipts and increased investment income, and benefits the settlement company through expedited service to its clients. The Electronic Transfer Tax Application combines database solutions and document image retrieval to create a streamlined, integrated application. The application combines paperless electronic application submission and review, automated electronic processing of tax payments, and database tracking of payment information, all accessed through the County’s web site. It is a cutting-edge application that brings simplicity, speed, and cost savings to allparties involved in the property transfer and tax collection process.