Alabama SB244 increases mortgage recording fees and modifies tax distribution to fund the Alabama Housing Trust Fund.

Alabama SB244 increases the fee for recording certain mortgages, deeds of trust, and similar instruments securing debt on real or personal property. The bill modifies the distribution of mortgage record taxes, allocating five percent to the probate judge, 15 percent to the Alabama Housing Trust Fund, 15 percent to the county treasurer, and 65 percent to the State Treasury. It also mandates that financial institutions report and certify the amount of indebtedness incurred under these instruments annually. The act becomes effective on October 1, 2026.

Alabama SB244 increases mortgage recording fees and modifies tax distribution to fund the Alabama Housing Trust Fund.

Alabama SB244 increases the fee for recording certain mortgages, deeds of trust, and similar instruments securing debt on real or personal property. The bill modifies the distribution of mortgage record taxes, allocating five percent to the probate judge, 15 percent to the Alabama Housing Trust Fund, 15 percent to the county treasurer, and 65 percent to the State Treasury. It also mandates that financial institutions report and certify the amount of indebtedness incurred under these instruments annually. The act becomes effective on October 1, 2026.