Says Mortgage Tax Collections up 16.8% Over Same Period Last Year
Erie County, NY-Erie County Clerk Chris Jacobs announced his office will soon distribute to local governments throughout the County their share of the Erie County Mortgage Tax collections based off of real estate transactions recorded in the Clerk’s Office. The total to be distributed on May 15th is $7,896,969.86 and covers the six month period October 1, 2012-March 31, 2013. This amount is 16.8% higher than the same period last year.
“Record low interest rates have fueled both refinancing and home purchases throughout Western New York. This is a positive development for Erie County’s municipal governments since mortgage tax distributions are a major source of revenue for many of the County’s cities, towns and villages,” stated County Clerk Jacobs.
In a letter to town supervisors and mayors, Clerk Jacobs noted that since taking office last year he has made it a priority to review internal processes and procedures to identify efficiencies and improve work flow. As a result, working with Comptroller Mychajliw’s Office, County Clerk Jacobs’ will be able to deliver these monies to localities a full month earlier than in previous years. “In these tough financial times for local governments we are keenly aware that even one month can make a difference in cash flow planning for municipal governments,” said Jacobs.
“Summer is the busiest and most expensive season for a municipality. Receiving these funds sooner is a tremendous benefit to us preparing for the summer season,” stated Hamburg Supervisor Steven J. Walters who will be receiving nearly $650,000 in mortgage tax monies. “Too often, higher level officials simply want to dictate to local governments. It is great to see our County Clerk and County Comptroller coming up with innovative approaches and working together for the benefit of local governments, which ultimately means the good of the taxpayer.”
Mortgage tax is collected by the County Clerk’s Office in accordance with specific State laws. Twice- a -year, the County distributes mortgage tax receipts to the three cities, 25 towns and 16 villages located in Erie County. Distributions are determined by the amount of total mortgages entered into for each municipality during the applicable period.