Real Estate Transfer Fee at the Plate
Now under consideration by the JFC is the controversial proposal by Gov. Doyle to double the real estate transfer fee from $3 to $6 per $1,000 of value transferred. (Budget paper 345)
Under the governor's proposal, the state would retain 90 percent of the collections, up from the current 80 percent, and county governments would receive 10 percent, down from the current 20 percent. The state's share of the fee would increase from $2.40 to $5.40 per $1,000 of value, while the county share would remain at 60-cents per $1,000 of value.
All collections of the RETF would be deposited in the segregated county aid fund (created under the bill), rather than the general fund. The county aid fund would be used to fund aid payments under shared revenue, county and municipal aid, circuit court support grants, and youth and family aids programs and a transfer to the affordable housing trust fund.
Republicans are looking to delete the provision.
Co-chair Sen. Decker has proposed in a motion to modify the governor's proposal by keeping transfers of properties of $200,000 or less at $3 per thousand, and raising the fee to $6 on properties exceeding $200,000.
Under Decker's proposal, counties would continue to get 20 percent of fees collected at the $3 rate, and would get 10 percent on transfers at the $6 rate.
Labels: Real_Estate_Transfer_Fee
