Beginning Jan. 1, several transactions at county recorders’ offices throughout California will require an extra $75 on every document, not to exceed $225 per transaction, that has to be recorded, including mechanics’ liens or releases.
The new tax is required by California’s Senate Bill 2, entitled the Building Homes and Jobs Act, according to a report in The Siskiyou Daily News. Revenue raised by the bill’s new fee will be transferred to a newly created Building Homes and Jobs Fund. This year, half of the funds will be made available to local governments to update planning documents and zoning ordinances, while the other half will be given to the Department of Housing and Community Development to assist people experiencing or at risk of homelessness. After 2018, 70% will go toward helping local governments and 30% for the homeless.
The bill is expected to raise from $200 million to $300 million per year, The Siskiyou Daily News said.
– Nicholas Stern, managing editor, NACM National
