- By Marcia E. Lynch
- News
The Legislature, by a vote of 11-1 (Legislator Frank Proto voted no; Legislators Kathy Luz Herrera, Tyke Randall and Nathan Shinagawa were excused) voted to request state authorization to increase the county’s mortgage recording tax by .25 percent.
The mortgage recording tax, an excise tax paid by the borrower upon the recording of a mortgage on real estate, would rise from .75 to 1%. Mortgage tax revenue is currently shared by the municipality in which the property is located and New York State; with authorization by the state legislature, counties are permitted to implement an additional local tax rate for general county purposes.