BILL NUMBER: S2111
SPONSOR: OBERACKER
 
TITLE OF BILL:
An act to amend chapter 374 of the laws of 2024 amending the tax law
relating to authorizing the county of Otsego to impose an addi-
tional mortgage recording tax, in relation to extending the effective-
ness thereof
 
PURPOSE:
Imposes the collection of the additional 1/4% mortgage recording tax.
 
SUMMARY OF PROVISIONS:
Section 1 - Section 2 of Chapter 374 of the laws of 2024 amending the
tax law relating to authorizing the county of Otsego to impose an addi-
tional mortgage recording tax, is amended as follows:
Section 2 - This act shall take effect immediately and shall expire
December 31, 2027 when upon such date the provisions of this act shall
be deemed repealed.
Section 2. This act shall take effect immediately.
 
EXISTING LAW:
Otsego County has determined that it is in the best interest of the
county residents to revoke the suspension of the additional 1/4% mort-
gage recording tax and have said additional tax deposited to the general
fund of the County.
 
JUSTIFICATION:
Otsego County and most all of New York State's counties are beset by
increasing costs in providing county municipal service and in responding
to unfunded mandates imposed by the State of New York, and Otsego County
does not believe it is fair to unduly raise the ad valorem tax upon the
property owners in this county to pay these increased costs; rather a
mortgage tax increase appears to be a fair means of raising additional
revenue for needed programs and services; and
The County of Otsego has adopted a resolution (No.68-20250102) request-
ing the New York State Legislature to amend the Tax Law and for adoption
of the legislation necessary to authorize imposition of the additional
mortgage '4% tax pursuant to Tax Law section 253(2)(a) and payment of
said tax to the general fund of the County of Otsego pursuant to an
amendment to Tax Law section 261(1) or other sections of the Tax Law as
deemed necessary to expire December 31, 2027.
 
LEGISLATIVE HISTORY:
New Bill
 
FISCAL IMPLICATIONS:
None to the State
 
LOCAL FISCAL IMPLICATIONS:
 
EFFECTIVE DATE:
This act shall take effect immediately.