A. The following taxes are hereby levied on real estate mortgages:

1. A tax of ten cents ($0.10) for each One Hundred Dollars ($100.00) and each remaining fraction thereof where such mortgage is for five (5) years or more;

2. A tax of eight cents ($0.08) for each One Hundred Dollars ($100.00) for each mortgage where such mortgage is for four (4) years or more but less than five (5) years;

3. A tax of six cents ($0.06) for each One Hundred Dollars ($100.00) where such mortgage is for three (3) years or more but less than four (4) years;

4. A tax of four cents ($0.04) for each One Hundred Dollars ($100.00) where such mortgage is for two (2) years or more but less than three (3) years; and

5. A tax of two cents ($0.02) for each One Hundred Dollars ($100.00) where such mortgage is for less than two (2) years.

If the principal debt or obligation secured by the mortgage is less than One Hundred Dollars ($100.00), a tax of ten cents ($0.10) shall be levied on such mortgage and shall be collected and paid as provided for in this article.

B. In addition to the taxes levied pursuant to the provisions of subsection A of this section, the county treasurer shall collect a fee of Five Dollars ($5.00) on each mortgage presented to the county treasurer for certification. The fees collected pursuant to the provisions of this subsection shall be deposited into a cash account to be known as the "County Treasurer's Mortgage Certification Fee Account". Monies from the account shall be expended by the county treasurer in the lawful operation of the treasurer’s office.

C. The tax provided for in subsection A of this section may be paid by the mortgagor, the mortgagee or any other interested party.

Added by Laws 1965, c. 31, § 2. Amended by Laws 1984, c. 195, § 2, eff. Jan. 1, 1985; Laws 1986, c. 135, § 7, emerg. eff. April 17, 1986; Laws 1992, c. 208, § 1; Laws 2000, c. 217, § 25, eff. July 1, 2000.