HomeMy WebLinkAbout052-20 (RecordationTax) Cod
RESOLUTION
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REQUESTING THAT THE GOVERNOR AND THE GENERAL ASSEMBLY
TAKE SUCH ACTION AS IS NECESSARY TO AMEND THE STATE BUDGET
TO REDIRECT RECORDATION TAKES BACK TO LOCALITIES OR FIND
ANOTHER WAY TO KEEP LOCALITIES WHOLE
WHEREAS, like most states, the Commonwealth of Virginia levies a recordation tax on
bonds or other obligations secured by deeds of trust or mortgages; and
WHEREAS, since 1993, a portion of this recordation tax revenue has been distributed to
cities and counties based proportionally on the real estate recordation activity within each
city and county; and
WHEREAS, recordation tax revenues distributed by the state to localities are required to
be used by localities for transportation purposes or for public education; and
WHEREAS, in FY2020, Frederick County received $416,196 in recordation tax
revenues and over the last five years the County has received $2,102,824 in these
revenues from the state; and
WHEREAS, Frederick County has utilized those funds for various local transportation
projects and for education needs including operations, capital projects and debt service;
and
WHEREAS, during the 2020 Regular Session of the Virginia General Assembly,
legislation was enacted (HB 1726 and SB 103 8) that took $20 million of statewide
recordation tax revenues that otherwise would have been distributed to cities and counties
and redirected those dollars to the Hampton Roads Regional Transit Program, effectively
eliminating state recordation tax revenues for localities.
NOW THEREFORE BE IT RESOLVED, that the Frederick County Board of
Supervisors requests that the Governor and the General Assembly take such action as is
necessary to amend the State Budget to redirect these recordation taxes back to localities
or find another way to keep localities whole.
Passed this 9th day of December 9, 2020 by the following recorded vote:
Charles S. DeHaven, Jr., Chainnan Aye David D. Stegmaier Aye
J. Douglas McCarthy Aye Judith McCann-Slaughter Aye
Robert W. Wells Aye Blaine P. Dunn Aye
Shawn L. Graber No
A COPY ATTEST
Kris i ,
Frederick y Administrator
BOS Res.# O52-20