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Commission committee sends resolution to state asking half of real-estate transfer tax revenue be returned to county
Summary
Committee approved a resolution asking the state to share half of the 37¢ per $100 real-estate transfer tax back to the counties where it was collected; White County estimates its half could be roughly $850,000 based on recent years.
Committee members reviewed and approved a resolution requesting the state consider allocating half of the real-estate transfer tax revenue back to the counties where it is collected. Under current state practice, Tennessee collects a $0.37 per $100 real-estate transfer tax when deeds are recorded and remits that revenue to the state treasury. The resolution asks the state to allocate 50% of the revenue to the county of origin on an ongoing basis.
During discussion commissioners asked about the amount White County generates; staff and commissioners referenced an illustrative figure of roughly $850,000 as the county’s historical amount that could be affected if half were returned. The committee voted to forward the resolution to full court for consideration.
Ending: The resolution will be sent to full court for formal action; staff noted the state process would be required for any change in revenue sharing.
