Procedure for Recording Real Property Located in More Than One County The sworn affidavit is presented to the collecting officer of the county in which the real estate is located, and the tax due will be collected from the holder of the note. The holder of the note may elect to execute a sworn affidavit in the form required by the Revenue Commissioner which gives the information required by O.C.G.A. When the new note is taxable and has previously been recorded, there is no further need for recordation. Worth A New Note or Modification of a Pre-existing Note The following is a list of the counties where the tax collector or the tax commissioner collects the recording intangible tax (last updated July 2015): The collecting officer for intangible recording tax is the Clerk of the Superior Court, although in some counties having a population of 50,000 or less the collecting officer may be the tax collector or the tax commissioner. Who Collects the Intangible Recording Tax? Inquiries concerning specific exemptions should be addressed to the local tax officials of the county in which the property securing the note is located. The Georgia intangible recording tax is not the same as the Georgia personal property tax. The holder of the note can pass the amount of tax on to the borrower, but it can not be considered a finance charge in connection with the loan transaction. Failure to pay the tax will incur a 50 percent penalty of the tax amount and 1 percent interest per month from the time the tax was due. The maximum amount of recording tax on any single note is $25,000. The tax for recording the note is at the rate of $1.50 for each $500.00 or fractional part of the face amount of the note. The collecting officer will then attach a certificate to the security instrument indicating that the tax has been paid. The collecting officer will collect the intangible recording tax due from the holder of the security instrument. Every holder (lender) of a long-term note secured by real estate must record the security instrument in the county in which the real estate is located within 90 days from the date of the instrument executed to secure the note.īefore recording the security instrument with the clerk of the superior court, the security instrument must be presented to the collecting officer of the county in which the real estate is located.
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