UNION, NJ - Union County Clerk Joanne Rajoppi is pleased to report that a record increase in property transaction revenues during the winter and spring has continued through the summer season and into the fall. The trend reflects improvement in the Union County economy and housing market, resulting in Clerk revenues in excess of $24 million to date.
“The activity in our Recording Division continues to reflect Union County’s long term recovery from the recession sparked by the 2008 financial crisis,” said Rajoppi. “This increased activity provides additional funds to the County budget to offset taxes, and it also helps to fund programs designed to assist local families who are still struggling to find their footing.”
In 2008, Rajoppi’s Recording Division collected revenues of more than $25 million from January through August. That September, a global economic crisis occurred, marked in the U.S. by the stock market crash. Recording Division collections for the same eight-month period dived to less than $15 million in 2009 and never recovered to the 2008 high.
Collections, however, have been trending upwards in recent years and are close to meeting the 2008 high. In 2015, revenues collected by the Recording Division from January to August totaled $24.2 million.
The Business Division, which primarily handles passport applications, trade name registrations and notary transactions, also reflects an improved economy. Its 2015 January to August revenues totaled $426,292, surpassing the previous high of $384,298 set in 2008.
“Despite the increased influx of documents for recording, my staff is keeping current and up-to-date, resulting in same day recording and posting to the public website within two days,” Rajoppi said.
County Clerk and Recorder offices in all 21 New Jersey counties are mandated to record property transactions, and to collect fees for each transaction. Part of the fee is distributed to the state, and a smaller portion is distributed to the county. A 2009 state law permits a surcharge of $3.00 per transaction to be set aside in a Homeless Trust Fund, which the County of Union began collecting in May 2010.
Programs approved for funding through the Homeless Trust Fund include vouchers designed to help at-risk families weather a temporary financial crisis without losing their homes. Funding also goes to support services to prevent homelessness, and to help homeless families obtain a home.
For information on all County Clerk programs and services visit ucnj.org/county-clerk.