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Informational: state CAFA deposits fall while county assessment costs rise, DOR official tells committee
Summary
A Department of Revenue official told the Senate Finance and Revenue Committee that County Assessment Function Funding Assistance (CAFA) deposits — funded by recording fees and delinquent tax interest — have declined while county assessment and taxation (A&T) costs have increased, leaving CAFA covering a smaller share of costs.
State officials told the Senate Committee on Finance and Revenue in an informational session April 16 that deposits to the County Assessment Function Funding Assistance (CAFA) account have declined from earlier peaks while county assessment and taxation costs have steadily increased, shrinking the program’s ability to cover county A&T expenses.
Bo Olin of the Department of Revenue explained that CAFA was created in 1989 to help counties finance property assessment and taxation. The two primary revenue sources are a portion of county recording fees and…
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