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Sponsor's memo
BILL NUMBER:A8631
Title of bill
An act to amend the tax law, in relation to authorizing the county of Putnam to impose an additional mortgage recording tax
Purpose or general idea of bill
To allow the County of Putnam to impose an additional tax of twenty-five cents ($.25) for each one hundred dollars ($100).
Summary of specific provisions
Section 1 amends the Tax Law, by adding a new section 253-x.
* Part 1 provides the authorization for the County of Putnam to adopt and amend local laws imposing an additional mortgage recording tax of twenty-five cents ($.25) for each one hundred dollars ($100).
* Part 2 sets forth the manner in which the taxes will be administered and collected.
* Part 3 details the amount due and payable when the property covered by the mortgage has different geographic locations.
* Part 4 states that the tax is in addition to mortgage recording taxes already imposed.
* Part 5 lays out the manner in which the moneys are collected and allo- cated.
* Parts 6 and7 describe the administrative process and filing require- ments.
Section 2 states the effective date.
Justification
The Putnam County Executive and Board of Legislators have requested authorization to impose a recording tax to address the fiscal challenges facing county government. The addition of the mortgage recording tax as a revenue source is an alternative to raising the coun- ty Real Property Tax, which has become onerous for all county citizens, particularly those on fixed incomes such as senior citizens. The addi- tional revenues are essential for the County to meet a balanced budget for governmental services. The current Putnam County mortgage tax of $1.05 per $100 will be increased by $.25 to $1.30 per $100 identical to Dutchess, Rockland and Westchester counties.
Prior legislative history
This is new legislation.
Fiscal implications
None to the state.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.