Agenda - 05-08-2002 - 8b - Laserfiche WebLink

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r ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: May 8, 2002 Action Agenda Item No. SUBJECT: Refund of Real Estate Excise Stamps ! DEPARTMENT: Registerof Oeeds PUBLIC HEARING: (Y/N) No ATTACHMENT(Si INFORMATION CONTACT: Joyce Pearson, ext. 2676 4/5/02 Letter from Marcus Hudson w/Attachments TELEPHONE NUMBERS Transaction Receipt Hillsborough 7324181 Register of Deeds Certification Chapel Hill 9684501 Durham 888-7331 Mebane 336-2274031 PURPOSE: To consider approving a request for refund of real estate excise stamps paid pursuant to the sale of real property. BACKGROUND: When real property transactions are dosed in North Carolina, the seller is responsible for paying excise stamps in the amount of$2.00 per$1,000 of the sale price. Occasionally, enure are made In calculating the amount of excise stamps due. In such cases, Me amount is recalculated, the correct amount is paid to Me Register of Deeds, and the seller requests a refund of the incorrect amount Mat was earlier paid. The procedure for requesting and receiving such a refund Is laid out in NCGS 105-228.37, The County Board of Commissioners is statutorily designated as the approving authority for excise stamp refunds. Mr. Marcus Hudson, with Bayliss, Hudson &Mem , Attorneys at Law, has requested that the County reimburse his firm in the amount of$672.00 for real estate excise stamps incorrectly paid in association with the sale of Lot 3A Pickard Oaks, as detailed in the attached letter of explanation. Pending approval of the$672.00 refund, Bayliss, Hudson & Memft will then re- mount the deed at a correct excise stamp amount of$449,00. FINANCIAL IMPACT: Based on the original payment of$672.00, Me re-recorded dead seat $440.00, and the proposed reimbursement of$672.00,Me net decrease in revenues to the County would be$223.00. RECOMMENDATION(S): The Manager recommends that the Board approve Me requested refund of$672.00.