NY A05167

Authorizes Otsego County to adopt local laws imposing 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 revenue collected by the recording officer goes to Otsego County's general fund after deducting office expenses, with amounts paid to the county treasurer by the 10th day of each succeeding month.

Tax administration and collection follows the same procedures as existing state mortgage recording taxes under sections 253 and 255 of the tax law, with modifications for county-specific application.

Any local law imposing, repealing, or suspending the tax must take effect on the first day of a calendar month and requires certified notice to the commissioner at least 30 days prior, plus filing with the county clerk, secretary of state, and state comptroller within 5 days.

The authorization expires December 31, 2025, at which time all provisions automatically repeal.