SVCA’s Property Transfer Fee Refund Program Administrator (Epiq) has completed processing of all completed applications and will be mailing out refund checks on Wednesday (November 30, 2022). Additionally, for those who have chosen to receive their refund payments by means of direct deposit, you can expect to receive your refund by Friday (December 2, 2022). 

Epiq received and processed for payment a total of 755 completed refund applications, and a total of $526,417 will be reimbursed tomorrow by means of 630 mailed checks and 125 initiated direct deposits. Moreover, last week Epiq also provided SVCA with an additional listing of 476 incomplete applications that could not be processed due to exceptions. However, SVCA’s Accounting Department has completed its review of these exceptions and 357 have been cleared for payment. As a result, Epiq will also be distributing an additional $320,984 of refund payments by the end of next week (December 9, 2022), so keep this fact in mind if you don’t receive your payment this week. The remaining 119 refund applications can’t be currently paid due to reasons that could not be promptly resolved, such as applications not including title closing statements, and SVCA will be begin reaching out to these individuals shortly. 

For those who have not yet applied for their refunds, SVCA will soon be conducting a second round of property transfer fee refunds, which will be advertised to the community and posted on SVCA’s website. 

In summary, the response rate to this first round of reimbursements was very good. During the duration of the time that SVCA charged ¼ of 1% for property transfer fees, SVCA collected these fees from a total of 1,767 separate property transactions. During this first round of the property transfer fee refund program, 1,231 applications were received (70% of total property transactions) and 1,112 of these applications have already been approved for payment (63% of total property transactions), which represents a current approved refund total of $847,401.