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County Mortgage Tax $$ Down 6% in first 6 months of 2012
Posted on Tuesday, July 17 @ 17:30:42 EDT by jfbailey
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WPCNR COUNTY CLARION-LEDGER. Special to WPCNR from the Westchester County Clerk Office. July 17, 2012:
Revenue figures released today by Westchester County Clerk Timothy C. Idoni indicate that county mortgage tax receipts have fallen below first half collections in 2010 and 2011.
The mortgage tax, considered a major county revenue source, continues to struggle as the national economy and our local real estate market recover. The county received $6,170,454 this year so far, down 6.38% from the same point in both 2010 and 2011.
“We are hopeful that record low interest rates combined with the slow improvement we are seeing in our local real estate market will result in a steady increase in this important revenue source in the second half of the year,” stated Idoni whose office collects mortgage tax for Westchester County.
Mortgage Tax Collected (County Portion Only)
2008-2012
2008 2009 2010 2011 2012 (through 6/30/2012)
$19,279,690 $12,425,216 $12,969,204 $13,079,307 $6,170,454
The total 2012 mortgage tax for the county is projected to be only about a third of the $39,836,895 collected in 2005 when the real estate market was at its recent peak. A comparison of the first half revenues from 2008 through 2012 follows:
2008 (% chg from prior yr) 2009 2010 2011 2012
$10,793,553 (-) $5,273,233 (-51.14%) $6,478,880 (+22.86%) $6,590,654 (+1.73%) $6,170,454 (-6.38%)
Idoni has collected fifty nine percent (59%) of his land records departmental revenue budgeted for 2012 at the halfway point in the year. As was the case in 2011, the source appears to be an increase in the number of consolidations, extensions and modifications of mortgages on properties throughout the county.
While the filing of consolidations and modifications does generate some limited revenue for the county in the form of recording fees, there is often no mortgage tax due as no additional amounts have been borrowed.
For more information about the Office of the County Clerk, please call (914)995-3080 or visits www.WestchesterClerk.com.
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