New Recording Fee in Marion County

From MIBOR’s E-Newsletter:

New Recording Fee Adopted in Marion County

As expected, the Indianapolis City County Council passed (20 to 5) a new recording fee to fund the Marion County Housing Trust Fund. The housing trust fund was established to make housing affordable to low and moderate income families and individuals. The new fee authorizes the county recorder to charge $2.50 for the first page and $1 for each additional page of each document recorded. The new fee will add up to approximately $25 for recording new mortgages.

While MIBOR supports the establishment of a dedicated funding source for the Housing Trust Fund, we oppose the recording fee because this funding mechanism is not broad-based and instead is narrowly focused on housing. In addition, this is now the second fee on real estate transactions. Last year, the council passed a new filing fee that requires all sales disclosure forms to be filed electronically with a filing fee of $10, $5 of which goes to the Housing Trust Fund.

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