NY A10666

Authorizes Chemung County to impose an additional mortgage recording tax of 25 cents per $100 of principal debt (or 25 cents for mortgages under $100) on mortgages recorded within the county.

Tax administration and collection follows the same procedures as existing mortgage recording taxes under Tax Law sections 253 and 255, with modifications adapted for Chemung County.

Revenue collected from the additional tax, after deducting necessary office expenses, is deposited into Chemung County's general fund for expenditure on any county purpose.

Authorizes Chemung County to use existing mortgage recording tax revenues (previously directed to the state) for necessary county services through amendment to Tax Law section 261.

Local law imposing the tax takes effect only on the first day of a calendar month and requires notice to the Commissioner at least 30 days prior; act expires December 1, 2013.