Realtors and Bankers Want to Repeal Kansas Mortgage Recording Fee
In Kansas, if you buy property on a mortgage, you pay to have it recorded by the county. It’s been that way since 1925, but that could change during the next legislative session according to the Wichita Eagle.
Realtors and bankers are behind the change. They say the fee discriminates against people who need to borrow money to buy homes or business property. They say fairness is on their side.
However, county officials say without the registration fee, they will have to spread the cost to every property taxpayer in their jurisdiction. If the fee is not replaced, it will be a loss of roughly $47 million dollars.
Currently, the fee is based on the amount of money borrowed, but the actual recording fee is a standard amount, regardless of the amount. Nearly all of the charged amount goes into the county’s general fund.
Doug Wareham, vice president for government relations with the Kansas Bankers Association, said the registration fee discriminates against the middle class and in favor of the wealthy.