NY S07945

Authorizes Otsego 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 under Tax Law sections 253 and 255, with modifications as needed.

County must send certified copies of any local law imposing or repealing the tax to the state Commissioner of Taxation, county clerk, Secretary of State, and Comptroller at least 30 days before the tax takes effect.

Tax revenue collected by the recording officer goes to the Otsego County Treasurer for deposit in the county general fund after deducting office expenses, with provisions for apportionment when property spans multiple counties.

Bill takes effect immediately and expires December 31, 2023, with the tax authorization repealed thereafter.