HUTCHINSON, Kan. — The county’s collection of the Mortgage Registration Tax is already showing a decline as legislation passed recently looks to eliminate the tax which counties use for revenue.
According to numbers released by the county, in January, they collected $34,686.00, compared to the $53,554.00 collected in December. That’s a drop of almost $19,000.
The state is an effort to offset the loses to counties did impose an increase to the recording fees, but that won’t make up the loss from the tax. It was projected when the legislation was passed that counties statewide would lose $53 million over the next five years.
In January, the county collected $15,410, compared to $12,275.00 in December. That’s an increase of $3,135.
The mortgage registration tax numbers will continue to decline in the next few years.