Extends authorization of the county of Herkimer to impose a county recording tax on obligation secured by a mortgage on real property to 12/01/2027.
Summary
Bill S05607 seeks to extend the authorization for the county of Herkimer to impose a county recording tax on obligations secured by a mortgage on real property. Originally established in 2005, this bill amends the existing law to extend the expiration date of this tax from December 1, 2025, to December 1, 2027. The intention behind this extension is to continue providing the county with a source of revenue through the recording tax, which is levied on mortgage obligations.
Impact
The bill impacts state tax law by allowing the county of Herkimer to maintain its ability to collect a recording tax on mortgages, thereby ensuring a continued revenue stream for local government operations. This extension may influence real estate transactions within the county, as the tax is a cost borne by those securing mortgages on real property. The amendment will not change the existing tax rate or structure but merely prolongs the authorization period.
Sentiment
The sentiment surrounding the bill appears to be neutral, as there have been no recorded votes or significant discussions indicating strong opposition or support. The lack of contention in committee discussions suggests that the extension is seen as a routine matter necessary for local governance.
Contention
There are no notable points of contention reported regarding this bill. The lack of debate or dissent in committee discussions indicates a consensus on the necessity of extending the tax authorization, although specific stakeholder opinions have not been documented in the provided context.
Same As
Extends authorization of the county of Herkimer to impose a county recording tax on obligation secured by a mortgage on real property to 12/01/2027.
Extends the authorization of the county of Genesee to impose a county recording tax on obligation secured by a mortgage on real property until November 1, 2027.
Extends the authorization of the county of Genesee to impose a county recording tax on obligation secured by a mortgage on real property until November 1, 2027.
Extends certain provisions authorizing the county of Hamilton to impose a county recording tax on obligations secured by mortgages on real property to December 1, 2027.
Extends certain provisions authorizing the county of Hamilton to impose a county recording tax on obligations secured by mortgages on real property to December 1, 2027.
Extends provisions allowing the county of Fulton to impose a county recording tax on obligation secured by a mortgage on real property to November 30, 2027.