Recordation Tax on Refinancing – HB 1908 (Del. J. Miller)/SB 780 (Sen. Reynolds)
Currently, a property is exempt from a recordation tax if you refinance a mortgage with the same lender. Clerks of the Court have difficulty in determining if a loan is with this same lender. This bill will eliminate the “same lender” requirement from July 1, 2011 to June 30, 2014 and allow all refinancing during those years to forgo the tax. This will provide additional assistance to those who are refinancing in an effort to hold on to their homes in this tough economy.
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