BILL NUMBER: S7322
SPONSOR: BAILEY
 
TITLE OF BILL:
An act to amend the tax law, in relation to increasing the tax on deeds
in the city of Mount Vernon
 
PURPOSE OR GENERAL IDEA OF BILL:
To increase a fair tax on deeds in the City of Mount Vernon.
 
SUMMARY OF PROVISIONS:
Section 1. Amends Section 1205 of the tax law to allow the City of Mount
Vernon the ability to increase taxes on deeds.
Section 2. Effective Date.
 
JUSTIFICATION:
The current tax law has not been updated since 1984 - a period spanning
nearly 40 years. At the time, the law established a consideration level
of $50,000, a figure that has remained unchanged in the City code. This
legislation corrects an error from the 1984 amendment and introduces a
half percent increase in the tax rate, aligning our practices with those
of our neighboring municipality, the City of Yonkers.
 
PRIOR LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
Immediately.

Statutes affected:
S7322: 1205 tax law