NY A07862

Authorizes Livingston 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 is administered and collected using the same procedures as existing state mortgage recording taxes, with the recording officer collecting and remitting funds to the county treasurer by the tenth day of each month.

Revenue from the tax, after deducting necessary office expenses, shall be deposited into Livingston County's general fund for expenditure on any county purpose.

County must notify the State Tax Commissioner, County Clerk, Secretary of State, and State Comptroller of any local law imposing or repealing the tax at least 30 days before it takes effect.

Legislation takes effect January 1, 2012 and expires December 31, 2013.