County’s share of mortgage-recording tax reauthorized

ALBANY COUNTY — County Executive Daniel McCoy signed into law this week an extension of Albany County’s ability to get a cut of mortgage-recording taxes.

The extension signed by McCoy — which has been on the books since 2005 and has to be renewed every two years — makes the recording tax for Albany County residents $1.25 per $100 of mortgage. The basic tax is 50 cents, 25 cents goes to the county, 25 cents goes to the local municipality, and there is a 25-cent special-additional tax.

New York State, according to the Department of Taxation and Finance, “imposes a tax on the privilege of recording a mortgage on real property located within the state.”

Additionally, counties are able to impose a local tax on mortgages recorded in their jurisdiction; two cities — Yonkers and New York City — also impose a local tax.

 

More Regional News

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  • Dave A. Chokshi, the New York City’s health commissioner, said of the Omicron variant in New York State, “There is community spread.” The cases, he said, are not just from people traveling to Africa, where the Omicron variant was first reported, or to other locations where it has been identified.

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