BILL NUMBER: S4289A
SPONSOR: OBERACKER
 
TITLE OF BILL:
An act to amend the tax law, in relation to authorizing the county of
Otsego to impose an additional mortgage recording tax; and providing for
the repeal of such provisions upon expiration thereof
 
PURPOSE:
To authorize Otsego County to levy an additional mortgage recording tax
of twenty-five cents (.25) for each one hundred dollars ($100) of mort-
gage value for a two year period.
 
SUMMARY OF PROVISIONS:
Section 1 of the bill adds a new section, 253-z, to the tax law, author-
izing Otsego County to impose an additional mortgage recording tax of
twenty-five cents (25) for each one hundred dollars ($100) of mortgage
value through December 31, 2025. Section one outlines the terms, condi-
tions and manner under which the additional tax shall be imposed and
collected. Section 2 provides an effective date.
 
EXISTING LAW:
Current law does not permit Otsego County to collect an additional one-
quarter percent mortgage tax.
 
JUSTIFICATION:
Otsego County in 1971 suspended its collection of the additional one-
quarter percent (.25%) mortgage recording tax authorized under the law.
It is now one of few counties in New York State lacking such authority.
The Otsego County Board of Representatives has adopted a resolution
(No.107-20230201) requesting that the state legislature introduce and
pass legislation to authorize the county to impose an additional mort-
gage recording tax. This measure is a home rule request, and requires
subsequent action by the county board.
 
LEGISLATIVE HISTORY:
New Bill
 
FISCAL IMPLICATIONS:
None to the state.
 
EFFECTIVE DATE:
Immediate