Language to Implement Recordation Fee (language only)
Item 3-5.01 #4c
Item 3-5.01 #4c | | | |
| Transfers |
| MODIFICATIONS and ADJUSTMENTS TO TAXES and FEES |
Language
Page 529, after line 20, insert:
"§ 3-5.00 MODIFICATIONS AND ADJUSTMENTS TO TAXES AND FEES
§ 3-5.01 ASSESS RECORDATION FEE
In addition to the state recordation tax collected pursuant to § 58.1-801 A, Code of Virginia, there is hereby assessed a 10 dollar fee on every deed admitted to record on or after May 1, 2002. Proceeds collected are to be deposited into the general fund of the state treasury.
§ 3-5.02 MOTOR VEHICLE FEES
A. The Department of Motor Vehicles shall raise the Motor Vehicles records fee by two dollars per transaction. On or before June 30, 2002, the Comptroller shall transfer $332,000 from the Department of Motor Vehicles to the general fund.
B. Notwithstanding the provisions of Article 7, Chapter 6, Title 46.2 of the Code of Virginia, the Department of Motor Vehicles shall increase the state motor vehicle registration fee by two dollars. On or before June 30, 2002, the Comptroller shall transfer $2,462,503 from the Department of Motor Vehicles to the general fund. ”
Explanation
(This amendment assesses a fee, in addition to the state recordation tax collected pursuant to § 58.1-801 A, Code of Virginia, on each deed admitted to record on or after May 1, 2002. It also increases two DMV motor vehicle fees.)