NY A04458

Authorizes Otsego County to impose an additional mortgage recording tax of fifty cents per one hundred dollars of principal debt or obligation secured by mortgages on real property within the county.

Applies a fifty-cent tax on mortgages with principal debt or obligation less than one hundred dollars.

Tax is administered and collected using the same procedures as existing state mortgage recording taxes under sections 253 and 255 of the tax law.

Tax revenues collected by the county recording officer are paid monthly to the Otsego County treasurer for deposit in the county's general fund for any county purpose, after deducting necessary office expenses.

Local law implementing or repealing this tax must take effect on the first day of a calendar month and requires thirty days' advance notice to the state tax commissioner, with certified copies filed to the county clerk, secretary of state, and state comptroller within five days of enactment.