Matthew, the county register of deeds, told commissioners that state changes to the property transfer tax will go into effect later this month and could change how much the county collects, particularly affecting sales above $1 million.
Matthew said the state is trying to implement the new percentage on Sept. 1 and that counties are assessing how much revenue may be lost or shifted among counties. He said prior estimates suggested the county could lose roughly 10,000 (units of currency or transactions—estimate provided earlier in a prior meeting) under some scenarios, and that coastal counties may fare differently than inland counties.
He also warned that a provision inserted into recent legislation requires registry offices to collect a $10,000 fee per lot for manufactured home parks and place the proceeds in a fund that has not yet been established. Counties and their associations are working to determine which entity will hold and distribute those funds and how rulemaking will define the process. Matthew said the developer typically pays the fee and that the administrative mechanics—whether counties will hold funds in a separate account or the state will—remain unresolved.
Commissioners asked how many projects might be affected and Matthew said that is still unclear; he used a hypothetical site on Layton Road as an example of how a new park could trigger the requirement. He said the rule-making and distribution mechanics are being worked out and that county officials will continue to monitor developments and discuss implementation with statewide associations.