BILL NUMBER: S3497
SPONSOR: O'MARA
 
TITLE OF BILL:
An act to amend chapter 366 of the laws of 2005, amending the tax law
relating to authorizing the county of Yates to impose a county recording
tax on obligations secured by a mortgage on real property, in relation
to extending the provisions of such chapter
 
PURPOSE OR GENERAL IDEA OF BILL:
To authorize the Yates County Legislature to adopt and amend local laws
imposing a twenty-five cent per each one hundred dollars mortgage
recording tax on obligations secured by a mortgage on real property.
 
SUMMARY OF PROVISIONS:
This bill amends chapter 366 of the laws of 2005 of the tax law to
authorize Yates County to collect a mortgage tax for mortgages on real
property situated in Yates County ending December 1, 2027.
 
JUSTIFICATION:
The Yates County Legislature passed a resolution requesting that the New
York State Legislature enact legislation permitting Yates County to
renew the mortgage recording tax on obligations secured by a mortgage on
real property.
 
PRIOR LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None to the State.
 
EFFECTIVE DATE:
This act shall take effect immediately except that section two of this
act shall take effect on the thirtieth day after it shall have become
law, and shall expire and be deemed repealed on December 1, 2027.