What's happening
This bill requires that mortgage tax monies owed to the unincorporated part of Ossining are placed in its specific fund, not the general town fund.
Why it matters
Ensures targeted use of tax revenue. By directing mortgage tax monies from the unincorporated area of Ossining into a dedicated fund, the bill ensures that these funds are used specifically for services and needs of that area, rather than being merged into the general budget for the entire town.
Promotes fiscal transparency and accountability. Creating a separate fund makes it easier for residents and officials to track how much tax revenue the unincorporated area generates and how it is spent, which can improve trust in local government and budgeting processes.
Addresses fairness for unincorporated residents. Residents of unincorporated Ossining often have different service requirements and tax burdens compared to those living in incorporated villages. This change helps guarantee that their tax contributions are used to benefit their own community directly.
May influence local governance and resource allocation. The amendment could set a precedent for other towns with both incorporated and unincorporated areas, highlighting the importance of equitable resource distribution based on where tax revenues originate.
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Who cares
Headline styles
Direct Ossining Mortgage Tax Funds
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Substituted by S6429
- Ordered to third reading rules cal.227
- Rules report cal.227
- Reported
- Reported referred to rules
- Referred to ways and means
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Ossining Mortgage Tax Fund Change
Signed by Governor · Sponsor David Carlucci
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6886
2017-2018 Regular Sessions
IN ASSEMBLY
March 23, 2017
Introduced by M. of A. GALEF -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to the allocation of mortgage recording tax in the town of Ossining, county of Westchester
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 3 of section 261 of the tax law, as amended by chapter 287 of the laws of 2006, is amended to read as follows:
3. On or before the tenth day of each month the recording officer of each county shall pay over to the county treasurer of said county, and in the counties of New York, Kings, Queens, Richmond and Bronx to the commissioner of finance of the city of New York for credit to the general fund of such city, the balance of the moneys received during the preceding month upon account of taxes paid to him or her as herein prescribed, after deducting the necessary expenses of his or her office as provided in section two hundred sixty-two of this article, except taxes paid upon mortgages which under the provisions of section two hundred sixty of this article are first to be apportioned by the commissioner, which taxes and money shall be paid over by the commissioner of finance of the city of New York as provided by the determination of the commissioner. In each county not within the city of New York, the whole of the net amount of such balance, after the deduction by the county treasurer of the necessary expenses of his or her office provided in section two hundred sixty-two of this article, shall be held by him or her and shall be allocated to the tax districts of the county according to the location of the real property covered by the respective mortgages upon which the tax was collected. The recording officer and county treasurer shall prepare a joint semi-annual report on or before May fifteenth and on or before November fifteenth in each year showing the amounts to be credited to each tax district of the county of the moneys collected under this article during the preceding periods of six months
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10478-01-7
A. 6886 2
each which ended respectively on March thirty-first and September thirtieth. Such report shall be made in duplicate in accordance with the rules and regulations of the commissioner and filed with the clerk of the board of supervisors and the commissioner. The board of supervisors, on or before the fifteenth day of June and on or before the fifteenth day of December in each year, shall issue its warrant for the payment to the respective tax districts of the amounts so credited, provided, however, that in a county in which a town contains within its limits an incorporated village, or portion thereof, the board of supervisors shall apportion to such village so much of the share credited to the town as the assessed value of said village or portion thereof bears to twice the total assessed valuation of the town, and provided, further, that, at the option of the governing board of the county, the county may instead prepare and file such a joint report and make such payments on a monthly or quarterly basis. Where the county elects to make monthly payments, the recording officer and county treasurer shall prepare a joint report on or before the fifteenth day of each month showing the amounts to be credited to each tax district of the county and the moneys collected under this article for the month preceding the most recently concluded month, and the board of supervisors shall issue its warrant for payment on or before the fifteenth day of the following month. Where the county elects to make quarterly payments, the recording officer and county treasurer shall prepare such a joint report on or before the fifteenth day of May, August, November, and February, showing the amounts to be credited to each tax district of the county of moneys collected under this article for the preceding three-month period ending March thirtyfirst, June thirtieth, September thirtieth, and December thirty-first, respectively and the board of supervisors shall issue its warrant for payment on or before the fifteenth day of June, September, December, and March, respectively. The warrant shall direct payment to the city treasurer of the amount due the city, to the town supervisor of the amount due the town, and to the village treasurer of the amount to which the village shall be entitled. Mortgage tax moneys allotted to cities, towns and villages shall be applied to the payment of the general expenses thereof. The commissioner shall prescribe the method of adjustment and correction of errors heretofore or hereafter made in the distribution of moneys collected under this article. Provided, however that in the town of Ossining, county of Westchester, monies due to the unincorporated portion of the town shall be placed in the unincorporated town fund instead of into the general fund of such town.
§ 2. This act shall take effect immediately.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.