Revenue and taxation; intangible recording tax; revise notes

Higher tax cutoff for property loans

Georgia raises the long-term cutoff for real-estate-secured notes from three years to 62 months for its intangible recording tax. A note is long-term when any principal is due more than 62 months after the note or securing instrument date. The securing document must show the note amount in words and figures and its due date. For notes due within 62 months of either date, it can state that instead of the exact due date. A clause securing other current or future debts does not require listing existing debts. When a seller keeps title as security and any purchase-price payment is due more than 62 months after the instrument date, the seller must provide a bond for title. Before delivering that bond, the seller must record the instrument in the county where the land lies and pay the required recording tax.