Bill Signed Phasing out Mortgage Registration Fee
TOPEKA, Kan. (AP)--Governor Sam Brownback has signed legislation phasing out the fees paid by Kansas lenders to counties to register home mortgages.
The Kansas Legislature's website said Brownback signed the measure Wednesday.
Bankers and real estate agents have argued that home buyers are getting what amounts to a tax break. But county officials fear they'll be forced to boost local property taxes to offset what is expected to be $53 million in lost revenue over the next five years.
Two area Republican lawmakers, Senator Dennis Pyle and Representative Randy Garber, voted in support of the legislation while Democratic Representative Jerry Henry voted against the bill.
The new law will phase out the mortgage registration fee by 2019. The fee is now $2.60 for every $1,000 borrowed, and almost all of the revenues raised goes to the state's 105 counties.
The law raises other fees to partially offset the lost revenues.
© Associated Press
MOST VIEWED STORIES
Cold case investigation leads to Holton warrant
Horton City Clerk's resignation accepted Monday
Effingham owner regains truck following theft, arrest
Former Kickapoo Tribal chairman arrested
Local residents avoid injury in chain reaction crash
Winchester native named as Amberwell CEO
Holton property search concludes with arrest
Mayetta pair arrested on meth, child endangerment charges
Stolen trailer, 4-wheeler, recovered in Atchison
Juveniles face charges following Atchison break-in
Atchison Co's Oswald named honorary bailiff for KS Court
Two arrested following Friday Jackson Co traffic stop
Rural Horton man charged in alleged beating
McLouth man injured in Monday wreck
No injuries in early Sunday morning house fire in Falls City
Senator Slama on tax relief efforts
KS prepares for severe weekend weather
Commission approves agreement for budget help
LATEST STORIES
KS prepares for severe weekend weather
Richardson County Board approves pay raise for dispatchers
NPPD urges farmers to be safe around power lines
Arbor Day proclaimed in Atchison
Former AG Schmidt running for KS' 2nd Congressional District
Doniphan Co Commission approves overlay projects
Rural Horton man charged in alleged beating
Holton property search concludes with arrest