Bulletin: KS2014002

Dear Associates:

The phase-out of the Mortgage Registration Tax (MRT) over a five-year period begins January 1, 2015.

After January 1, 2015, the tax rate will drop to 0.20%;

After January 1, 2016, the tax rate will drop to 0.15%;

After January 1, 2017, the tax rate will drop to 0.10%;

After January 1, 2018, the tax rate will drop to 0.05%;

After January 1, 2019, the tax rate will drop to zero and the tax is repealed.

The tax is computed on the principal debt or obligation which is secured by the mortgage.

In addition, after January 1, 2015, the fee shall not exceed $125 for recording single-family mortgages on principal residences where the principal debt or obligation is $75,000.00 or less.

In conjunction with the phase-out of the MRT, recording charges will increase from $6 to $8 for the first page and from $2 to $4 for each additional page. Other recording charges will also increase. You may view the charges at this link: http://kslegislature.org/li/b2013_14/measures/hb2643/. Choose Enrolled then Document.

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.