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Ingeo Launches iTax REET: Provides Electronic Processing of Real Estate Excise Tax (REET) Data in Washington State
7/31/2009 12:00:00 AM
Ingeo Systems, Inc., the nation’s number one provider of electronic document recording technology, announces the availability of Ingeo iTax™ REET, a new web service capability that allows counties to process Real Estate Excise Tax (REET) affidavit data electronically, saving time and costs while increasing security and efficiency. Ingeo’s initial launch of this new product version is in Washington State with plans to expand next into Ohio and then other states in the company’s nationwide network. “With Ingeo iTax REET, counties can submit REET Data electronically to the Department of Revenue with an online single affidavit submission, a bulk file upload or through Ingeo’s REET Web Service,” said Karl Klessig, Ingeo’s CEO. “We’ve created a new business environment that reduces manual processing time of REET data, improves the REET audit process and enhances customer service.” The product comes in two versions. If the County has a Land Record Management System (LRMS) in place that can handle tax affidavits, including routing them to the Assessor’s tax management program, the Ingeo package will deliver the documents electronically to the LRMS, including the payment when it is required. If the County LRMS does not have the capability to receive and process tax affidavits, the Ingeo iTax system will route them to the Assessor’s Office for review and approval, and upon acceptance will deliver the tax payment. Upon receipt and acknowledgement of the payment, the mortgage documents are automatically routed to the County Recorder’s office along with the tax affidavit copy where normal Ingeo recording and payment will occur. If the Assessor’s office has a tax management program available, the Ingeo iTax REET service can be integrated with it so that the data is automatically uploaded. All funds are escrowed separately to ensure that funds are available for payment at the appropriate notification point. All processing and delivery are done using secure connections. Ingeo’s initial launch of iTax was last fall in Milwaukee County, Wisconsin. Currently, six counties in that state are using Ingeo iTax to process the transfer tax with the deed. With Ingeo iTax, County Recorders process tax documents and payments in conjunction with the electronic recording of mortgages. “Wisconsin is the first state to come aboard with Ingeo iTax and Florida, Missouri and Colorado will soon follow,” Klessig said. “Now we have adapted the product to meet the requirements for REET affidavits in Washington State and we’re getting good feedback from counties and assessor’s offices in other states to continue our expansion.”
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