Document Updates: GA Fair Market Property Values Affidavit (Cx15037)

Cx15037 is provided pursuant to Ga. Code Ann. § 48-6-69(a), which requires, in connection with real property which is located in more than one county, for the intangible recording tax to be distributed between each county on a pro rata basis. To wit:

“If any instrument required to be recorded by this article conveys, encumbers, or creates a lien upon real property located in more than one county, the tax imposed by this article shall be prorated among all applicable counties; and the amount paid to the collecting officer of each county shall be that proportion of the total tax due calculated by applying the ratio of the value of the real property in such county as it bears to the total value of the real properties in all counties described in the instrument to the total tax due. Such proportions shall be calculated pursuant to the most recently determined fair market valuations of the property as determined by the county board of tax assessors or comparable assessing entity in any affected state. All such values shall be disclosed on the face of the instrument or, alternatively, may be submitted in the form of an affidavit by the holder presenting the instrument for recording. The original or a duplicate original executed copy or counterpart of such instrument shall be presented for recording in all counties in which the real property is located, and the collecting officer of each county may rely upon the sworn original or a duplicate original certification of values in determining the amount of tax due and payable in that county and collect such portion of the tax imposed by Code Section 48-6-61 and enter the same upon the security instrument.”

After reviewing this document, we will be making the following enhancements:

• A copy of this document prints per county (rather than per borrower), since it must be filed for recording in each county in which the real property is located. The document will always print at least two copies, one copy for County 1 Name and another for County 2 Name.  Up to two additional copies are supported, with the corresponding copies for County 3 Name and County 4 Name only printing if the fields are populated.

• The phrase “Security Instrument” in the second paragraph will be changed to “security deed”, for consistency with the language in the rest of the document. We will also fix a slight citation error within said paragraph.

• The phrase “for determining the amount of tax to be levied on the value of such property” in the second paragraph will be changed to “for the purpose of determining the amount of intangible recording tax to be levied”. While the current phase is correct (under § 48-6-61, the intangible recording tax is normally calculated based on the note amount, but under Ibid. § 48-6-69[a], it is based upon the real market value of the property), the language can be construed to refer to property-type taxes, thus we are making this change for clarification purposes.

These changes will take effect on May 23, 2020. Questions or concerns about these changes should be directed to Client Support at 1.800.497.3584.

DR 317259