The Tompkins County Legislature asks State to authorized mortgage tax increase.
At the request of the Tompkins County Legislature, a bill has been introduced in the State Assembly and Senate (A.4697 Lifton/S.3174 O’Mara) to raise the Tompkins County mortgage recording tax by an extra $0.25 per $100, totaling $1.00 per $100, to record a mortgage.
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If you oppose this increase and do not support it please take a moment to tell your elected officials A.4697(Lifton)/S.3174(O’Mara). Below is a sample letter for your use in contacting your elected officials to let them know you are against this increase.
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Dear [Decision Maker],
As a constituent, I strongly oppose A.4967(Lifton)/S.3174(O’Mara) which authorizes Tompkins County to levy an additional $0.25 per $100 tax, for a total of $1.00 per $100 financed, on the recording of a mortgage. This tax increase will have a negative effect on both the residential and commercial real estate market and those who seek to refinance their mortgages.
Homebuyers and developers in New York State are among the few nationwide who are taxed for the “privilege” of obtaining mortgage financing. During the 4th Quarter of 2010, the median home price in Tompkins County was $170,000. Including the additional tax proposed by A.4967/S.3174, the median home buyer would expect to pay $1,275 in mortgage recording taxes. If the purchaser secures a mortgage, the lending institution would also be required to pay $425 in mortgage recording taxes. Additionally, the seller of this median priced house would be responsible for paying $6,800 in state transfer taxes. In total, the transfer of a median priced home in Tompkins County would result in at least $8,500 of unwelcome real estate related taxes.
Given the current housing and economic climate, I ask you to oppose any increase to the Mortgage Recording Tax. While I appreciate the seriousness of Tompkins County’s financial situation, New York cannot afford to add or extend taxes that discourage homeownership, investment and economic development. Every additional tax imposed by Tompkins County is a step toward reducing the region’s quality of life and economy.
For the above stated reasons, I oppose A.4967(Lifton)/S.3174(O’Mara). Thank you in advance for your time and consideration.
Sincerely,
[Your Name]
[Your Address]
[City, State ZIP]