COURT HOUSE – If Cape May County freeholders needed something for which to be thankful, that tidbit came from County Clerk Rita Fulginiti Nov. 14 at the board meeting.
She reported that her office, which records real estate transactions among other items, had “already passed the $5 million revenue point” in those property changing actions with about a month and a half to go.
Real estate has been percolating this year; she noted that the value of transactions has “already passed $30.5 million in receipts.” However, “much of that goes to the state in real estate transfer taxes,” Fulginiti said.
Regardless, she projected that the county’s revenue from those transactions which, by year-end, would likely be $5.6 to $5.7 million.
Helping the Homeless
The Homelessness Trust Fund, which her office oversees and has been collecting fees for since Feb. 1 of this year, has $62,361 in its account, with more likely before Dec. 31.
When freeholders established the fund Dec. 13, 2016, its purpose was to help end homelessness in 10 years.
A $3 surcharge is imposed on each “permitted” document processed by the County Clerk’s Office.
“The Homelessness fee is an additional recording fee assessed on most recorded land documents including deeds, mortgages, and mortgage discharge documents. Notably excepted in the law are Assignments of Mortgage and Mortgage Modification Agreements.
“The fee will be assessed on electronic recordings as well as manual recordings which come over the counter and by mail and courier.”
The fee is separate from and does not affect the New Jersey Realty Transfer Fee collections, Fulginiti said.
Last year, she projected the fund would add about $90,000 annually to the Homelessness Fund.
eRecording Fee
Finally, Fulginiti cited the $2 e-Recording fee, which is added to documents filed by users electronically as a convenience. She noted that about $16,000 had been realized from that source, which would help save on maintenance costs in her office’s 2019 budget by about $25,000.
