The same act (Public Chapter 846, Acts of 2000) that changed the place of filing of many UCC documents and changed the basic fee structure for most documents recorded in the office of the register of deeds on July 1, 2001, also made a change in the allocation of the register’s commission for collecting the state transfer and “mortgage” tax beginning July 1, 2001. This change was previously reported by CTAS (Spotlight, June 14, 2000) but has been overlooked by many and it appears was not reflected in the reporting forms of the Tennessee department of revenue for July 2001 collections.
The register’s commission of 5% of the amount of state transfer and “mortgage” tax collected remains the same. Before July 1, 2001, one-half of this amount --2 ½% of the taxes collected -- was remitted to the state for county officials’ retirement with the balance (the other one-half) being added to the fees of the office. However, beginning July 1, 2001, the percentages changed to fifty-two percent (52%) being remitted to the state and forty-eight percent (48%) being retained by the register to be added to the fees of the office. This percentage change may also be expressed as 2.6% of the amount of taxes collected being remitted to the state and 2.4% of the amount of taxes
collected being retained by the register and added to the fees of the office.
This change was needed to properly fund the county officials retirement program since the amount of “mortgage” taxes collected with the recording of UCC documents decreased on July 1, 2001 as many UCC documents previously filed with the register are now filed with the secretary of state.
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