Bill 17-23 Recordation Tax Changes effective October 1, 2023

As a result of Bill 17-23 passing, recordation tax rates will be adjusted effective October 1, 2023 to the new rates on the table below:

Bill 17-23 Recordation Tax Changes
  Consideration Paid Existing Rates New Rates
Base Rate All Amounts $2.08 /$500 Same (No Change)
School Increment Rate All Amounts $2.37/$500 Same (No Change)
Premium 1 Rate ($500,000 to $600,000) $2.30/$500 Same (No Change)
Premium 2 Rate ($600,000.01 to $750,000) $2.30/$500 $5.75/$500
Premium 3 Rate ($750,000.01 to 1,000,000) $2.30/$500 $6.33/$500
Premium 4 Rate ($1,000,000.01 and over) $2.30/$500 $6.90/$500
Instead of 1 Premium Rate for consideration greater than $500,000, the bill adds tiers as shown above. There will now be 4 Premium rate tiers and the first tier will have the same rate as the current single Premium Tier.
This document has the samples of calculation of new tiers of recordation tax. 

To clear up the process of how the documents will be handled for the upcoming New Tiers of Recordation:
Effective 10/1/2023 the Simplifile system will handle documents at the new rates of the Recordation Tax.  If the document has not been uploaded into the Simplifile system prior to 9/30/2023 it must go directly to the Transfer Office for processing to receive the previous rates.
We will accept any documents dated prior to 9/30/2023 in paper form until 10/31/2023 at the previous existing rates of Recordation Tax.  All documents are to be processed in the Transfer Office via paper method only until 10/31/2023.  Any documents presented after 10/31/2023 will be processed at the New Tiers of Recordation Tax whether it will be in paper form or through the Simplifile system.