TITLE 48
REVENUE AND TAXATION
ARTICLE 3
INTANGIBLE RECORDING TAX
48-6-65. Extension, transfer, assignment, modification, or renewal of instrument; exemption for amount of note refinanced.
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No tax other than as provided for in this article shall be required to be paid on any instrument which is an extension, transfer, assignment, modification, or renewal of, or which only adds additional security for, any original indebtedness or part of original indebtedness secured by an instrument subject to the tax imposed by Code Section 48-6-61 when:
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It affirmatively appears that the tax as provided by this article has been paid on the original security instrument recorded; provided, however, that the tax required by Code Section 48-6-61 shall be due on any portion of the instrument which is an additional advance of indebtedness secured by a previously recorded instrument, without regard to whether the original security instrument has been assigned; or
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The original instrument or the holder of the original instrument was exempt from the tax provided for in Code Section 48-6-61 by virtue of any other law.
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No tax shall be collected on that part of the face amount of a new instrument securing a long-term note secured by real estate which represents a refinancing by the original lender of unpaid principal on a previous instrument securing a long-term note secured by real estate if:
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All intangible recording tax due on the previous instrument has been paid or the previous instrument was exempt from intangible recording tax; and
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The new instrument contains a statement of what part of its face amount represents a refinancing of unpaid principal on the previous instrument; or
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The holder of the new instrument submits an affidavit as to what part of the face amount of the new instrument represents a refinancing of unpaid principal on the previous instrument.
(Ga. L. 1953, Nov.-Dec. Sess., p. 379, § 15; Ga. L. 1955, p. 288, § 5; Ga. L. 1977, p. 635, § 5; Code 1933, § 91A-3213, enacted by Ga. L. 1978, p. 309, § 2; Ga. L. 1981, p. 775, § 1; Ga. L. 1990, p. 1843, § 4; Ga. L. 2018, p. 209, § 2/HB 729.)
The 2018 amendment,
effective July 1, 2018, added the proviso in paragraph (a)(1).
OPINIONS OF THE ATTORNEY GENERAL
Intangible property tax on long-term notes secured by real estate is not unconstitutional.
1970 Op. Att'y Gen. No. 70-56.
Statute is an exemption from the payment of intangibles taxes
in that the statute exempts any extension, transfer, assignment, modification, or renewal of an instrument otherwise subject to the tax and upon which the clerk has made an entry showing payment. 1954-56 Op. Att'y Gen. p. 808.
No intangibles tax is due on note which is merely unpaid balance of old note
on which the tax was paid. 1954-56 Op. Att'y Gen. p. 783.
Taxation of renewed mortgage.
- If a mortgage is renewed, based upon a previously recorded security deed, this is considered a new mortgage subject to an additional tax even though a new security deed is not taken. If a new security deed is taken and recorded, the tax is payable. 1975 Op. Att'y Gen. No. 75-125.
