VOTE "YES" to Eliminating the Recordation Tax When Refinancing in Virginia

As a Realtor® and as a Virginia property owners, I support eliminating the recordation tax when properties are refinanced.  I am not a polit

These days, refinancing a property mortgage is a great way to take advantage of rock-bottom interest rates and save property owners money on monthly payments. If Virginia property owners are facing foreclosure, refinancing their mortgages can help them save their properties by their locking in a lower rate and monthly payments.

But in Virginia property owners may ALSO have to pay a recordation tax on that refinance each time they refinance.

Under current Virginia law, refinancing a property loan can cost property owners hundreds, even thousands, of dollars in recordation taxes. And with so many property owners in danger of losing their properties or going 'upside down' on their mortgages, it's unfair that they are taxed AGAIN when they're trying to refinance to keep their properties or reduce their costs.

Please vote YES to ELIMINATING a recordation tax on property refinances. Please SUPPORT House Bill 1908 and Senate Bill 780.

It's good for property owners, and it's good for the economy.