Ocean County Press Release
TOMS RIVER - The Ocean County Clerk's Office saw a substantial increase, more than 18 percent, in recording revenue during 2016.
"The Recording Division of the Ocean County Clerk's Office collected $51,865,991 in revenue for documents placed on record during the 12 months of 2016," said Ocean County Clerk Scott M. Colabella. "This represents an increase of $8 million or 18.4 percent increase from 2015."
Of the amount taken in, Colabella said the state received $37.1 million and the county realized a revenue total of $14.8 million from realty transfer fees. Of that amount, $12.7 million was returned to the County while $2,076,558 was used to operate the County Clerk's office.
"This revenue is part of the County's anticipated revenue and is used to help balance the County's annual budget," said Ocean County Freeholder John P. Kelly, who serves as liaison to the County Clerk's office. "Scott and his staff do an outstanding job in making certain documents are recorded properly and the public is served professionally."
The Ocean County Clerk's Office is tasked with recording documents affecting real estate titles.
In 2016, the Ocean County Clerk's Office recorded 25,300 deeds and 24,665 mortgages. In addition, the Ocean County Clerk's Office processed and placed on record 85,653 other documents including assignment of mortgages, cancelled mortgages, discharges of mortgages, notice of settlements and other documents for a total of 135,618 documents recorded.
"The office recorded almost 4,000 more documents last year compared to 2015," Colabella said. "The amount of revenue returned to the County represents a return of $6.11 for every tax dollar spent."
Colabella attributes the increase to a steady stream of refinancing of existing mortgages due to low mortgage interest rates.
"It is also a reflection of the continuing rebuilding and recovery from Superstorm Sandy, which hit the area in late October of 2012," Colabella said. "Many residents are still recovering from the storm and the progress is seen in the documents we are recording."
He added that the recording numbers increased because of a slight improvement in existing home sales.
"Ocean County continues to be an attractive place to live," said Ocean County Freeholder Director Joseph H. Vicari. "New mortgages for home building and rebuilding are an indication that the County is a popular area to raise a family and retire."