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Archive for May, 2010

Geogia’s Taxes: Up, Up and Away?

Friday, May 21st, 2010

Here we go: the state of Georgia has raised many of our tax fees and lowered just a few.

On May 12, the governor of Georgia signed House Bill 1055 into law. Taking effect immediately, it raises the mortgage-per-loan fee from $6.50 to $10.00. This fee is charged on every purchase and refinance HUD-1 statement, as part of borrower’s closing costs. While it is not a huge amount, it is charged on every transaction!

The state portion of the property taxes has been eliminated. Now, all property taxes collected, will go to the county and city where the property is located for their use. However, do not look for lowered taxes there. My guess is that counties and cities will continue to cut services and raise taxes.

However, the good news is that House Bill 1055 eliminated state income tax on retirement income for seniors aged 65 and older.

Many court filing fees and license fees have increased, some by over $100. Real estate recording fees did not change, but civil action fees, corporate fees and other transactional fees are affected. One fee that will affect me directly, is the cost to print information on deeds and legal documents. When I take a  new listing or research property for a buyer-client, the GA county clerks’ site is where I go to look up that information. Their printing fees have doubled because of House Bill 1055!

The bill is 107 pages long and has other provisions. How will it affect you?