This Fiscal Note is not an official copy and should not be quoted or cited.
This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SB 0255 - Expands documents that the county recorder may charge fees for recording
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO. 0731-01
BILL NO. SB 255
SUBJECT: Housing: Recorder of Deeds, Fees
TYPE: Original
DATE: February 19, 1999
FISCAL SUMMARY
|
ESTIMATED NET EFFECT ON STATE FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| Mo. Housing Trust | Unknown | Unknown | Unknown |
| Total Estimated
Net Effect on All State Funds |
Over $100,000 | Over $100,000 | Over $100,000 |
|
ESTIMATED NET EFFECT ON FEDERAL FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON LOCAL FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses
This fiscal note contains 4 pages.
FISCAL ANALYSIS
ASSUMPTION
Officials of the Department of Economic Development (DED) - Missouri Housing Development Commission assume this proposal would increase the amount of fees that would be deposited into the Missouri Housing Trust Fund. Officials could not estimate the amount of additional revenue expected, however, officials assume they would be able to administer these additional funds with current staff.
Officials of the State Treasurer's Office assume no fiscal impact.
St. Charles County Recorder of Deeds assumes no fiscal impact to their office, however, had this legislation been in effect the full year of 1998 the Missouri Housing Trust Fund would have received an additional $6,003.
Greene County Recorder of Deeds stated there would be an increase in revenue for the Missouri Housing Trust Fund. Officials stated that in 1998 their office paid $208,089 in fees to the Missouri Housing Trust Fund for recording 69,363 real estate instruments.
Callaway County Recorder of Deeds assumes some insignificant administrative impact.
Oversight assumes collecting a fee of $3.00 on all recorded documents rather than only mortgage related documents would generate fees in excess of $100,000 annually. Income to the Missouri Housing Trust Fund will be shown as unknown.
Oversight assumes, based on information supplied by Recorders of Deeds, that any impact to counties would be insignificant and would have no fiscal impact.
| FISCAL IMPACT - State Government | FY 2000 | FY 2001 | FY 2002 |
| (10 Mo.) | |||
| MO. HOUSING TRUST FUND | |||
| Income to Mo. Housing Trust Fund | |||
| (Section 59.319. 2 and 3) | |||
| Increase in Fee Revenue from | |||
| Recorder of Deeds | Unknown | Unknown | Unknown |
|
ESTIMATED NET EFFECT TO | |||
| MO. HOUSING TRUST FUND | Unknown* | Unknown* | Unknown* |
| *Income is expected to exceed $100,000 annually. | |||
| FISCAL IMPACT - Local Government | FY 2000 | FY 2001 | FY 2002 |
| (10 Mo.) | |||
| Income to Recorder of Deeds | |||
| (Section 59.319. 2 and 3) | |||
| Collection of Fees | Unknown | Unknown | Unknown |
| Cost to Recorder of Deed | |||
| Transfer of Fees to Mo. | |||
| Housing Trust Fund | |||
| (Section 59.319. 2 and 3) | (Unknown) | (Unknown) | (Unknown) |
|
ESTIMATED NET EFFECT TO | |||
| COUNTY RECORDER OF DEEDS | $0* | $0* | $0* |
| *Income collected from fees would equal cost when Recorders turn over fees collected. | |||
| FISCAL IMPACT - Small Business | |||
| Small businesses which have instruments recorded would be affected by this proposal. | |||
DESCRIPTION
This act makes several grammatical changes to Section 59.319, RSMo, relating to the collection of fees by county recorders. The act corrects outdated references to statutes.
The three dollar fee collected by County Recorder of Deeds for the Missouri Housing Trust Fund would be applied to all instruments recorder, not just to deed and other instruments of real estate.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
Department of Economic Development - Mo. Housing Development Commission
State Treasurer
Callaway County - Recorder of Deeds
Greene County-Recorder of Deeds
St. Charles County Recorder of Deeds
Jeanne Jarrett, CPA
Director
February 19, 1999