Hamilton County Register of Deeds Marc Gravitt says his office set records in tax collections and document recordings for a single month in December and shattered its yearly record in 2021.
Conveyance tax and mortgage tax collections in December totaled $3,465,491.65, breaking the previous monthly high of $2,889,555.12, set last June.
The office collected $26,919,769.39 for the entire calendar year, eclipsing the previous record of $18,816,704.17 set in 2020.
The record amount was collected on more than $7.4 billion in mortgages and over $4.9 billion in real estate conveyance amounts in Hamilton County.
Tennessee Code Annotated requires every county register in the state to collect conveyance and mortgage taxes.
Each month, the register’s office then remits payment to the Tennessee Department of Revenue, with the office retaining 2.4% commission.
In 2021, office retained $646,074.47, which it used for staff salaries and operations, Gravitt says.
Gravitt attributed the record tax collections to a substantial increase in the sale of apartment complexes, which he says are large dollar deals.
“With the continued high demand for both commercial and residential real estate and low interest rates, Hamilton County’s real estate market continues to be strong, which benefits all of Hamilton County,” Gravitt adds.
Additionally, the office recorded 81,286 documents in 2021 – a 13% increase from the previous year.
Source: Hamilton County Register of Deeds