Marc Gravitt, Hamilton County Register of Deeds, says the Register’s Office in December surpassed all previous collection highs.
The state mandated conveyance and mortgage taxes for December totaled $2,240,389.63, breaking the previous monthly high of $1,986,388.51 set in July.
The total amount of the two taxes collected in 2020 was $18,816,704.17, also a new high. The two were collected on more than $5.5 billion in mortgages and over $3.3 billion in Hamilton County real estate sales.
As mandated by Tennessee Code Annotated, every county register in Tennessee is required to collect the conveyance and mortgage taxes. Each month, the Register’s Office remits payment to the Tennessee Department of Revenue.
“With continued high demand for both commercial and residential real estate and extremely low interest rates, Hamilton County’s real estate market continues to be strong,” Gravitt says.
Additionally, the Register’s Office recorded over 71,000 documents in 2020, with 7,111 in December alone.
Source: Hamilton County Register of Deeds