TOPEKA, Kan. (AP) — Kansas senators have approved a bill repealing mortgage registration fees, a move that county leaders say will cost them millions of dollars.
The Wichita Eagle (http://bit.ly/1kLd6e7 ) reports Senate Bill 298 would phase out over five years the fees lenders pay to county governments based on the cost of a mortgage for a residential or commercial property. The bill offsets some of the lost revenue with an increased document filing fee for deeds and mortgages.
The fees brought in $7.4 million in revenue for Sedgwick County in 2012. County spokeswoman Kristi Zukovich says the county estimates it will lose as much as $800,000 in 2015 and $3.4 million by 2019.
Sent. Jeff Melcher, a Leawood Republican, says if counties need to make up the lost revenue they can raise property taxes.
Information from: The Wichita (Kan.) Eagle, http://www.kansas.com