Language to Implement Recordation Fee (language only)

Item 3-5.02 #1s

Language
Page 421, after line 14, insert:
"§ 3-5.02 ASSESS RECORDATION FEE
In addition to the state recordation tax collected pursuant to § 58.1-801 A. of the Code of Virginia, there is hereby assessed a ten dollar fee on every deed admitted to record on or after July 1, 2002.”

Explanation
(This amendment assesses a fee, in addition to the state recordation tax collected pursuant to § 58.1-801 A. of the Code of Virginia, on each deed admitted to record on or after July 1, 2002. The estimated revenue impact is $15 million each year.)