NY State Senate Bill 2025-S2111

Senate Bill S2111

2025-2026 Legislative Session

Relates to the authority for the impose an additional mortgage recording tax in Otsego county

download bill text pdf

Current Bill Status - In Senate Committee Investigations And Government Operations Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 15, 2025	referred to investigations and government operations

2025-S2111 (ACTIVE) - Details

Current Committee:: Senate Investigations And Government Operations
Law Section:: Otsego County
Laws Affected:: Amd §2, Chap 374 of 2024

2025-S2111 (ACTIVE) - Summary

Extends the authority for the county of Otsego to impose an additional mortgage recording tax.

2025-S2111 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S2111

SPONSOR: OBERACKER
 
TITLE OF BILL:

An act to amend chapter 374 of the laws of 2024 amending the tax law
relating to authorizing  the  county  of Otsego  to  impose an addi-
tional mortgage recording tax, in relation to extending the effective-
ness thereof

 
PURPOSE:

Imposes the collection of the additional 1/4% mortgage recording tax.

 
SUMMARY OF PROVISIONS:

Section 1 - Section 2 of Chapter 374 of the laws of 2024 amending the
tax law relating to authorizing the county of Otsego to impose an addi-
tional mortgage recording tax, is amended as follows:

Section 2 - This act shall take effect immediately and shall expire
December 31, 2027 when upon such date the provisions of this act shall

be deemed repealed.

Section 2. This act shall take effect immediately.

 
EXISTING LAW:

Otsego County has determined that it is in the best interest of the
county residents to revoke the suspension of the additional 1/4% mort-
gage recording tax and have said additional tax deposited to the general
fund of the County.

 
JUSTIFICATION:

Otsego County and most all of New York State's counties are beset by
increasing costs in providing county municipal service and in responding
to unfunded mandates imposed by the State of New York, and Otsego County
does not believe it is fair to unduly raise the ad valorem tax upon the
property owners in this county to pay these increased costs; rather a
mortgage tax increase appears to be a fair means of raising additional
revenue for needed programs and services; and

The County of Otsego has adopted a resolution (No.68-20250102) request-
ing the New York State Legislature to amend the Tax Law and for adoption
of the legislation necessary to authorize imposition of the additional
mortgage '4% tax pursuant to Tax Law section 253(2)(a) and payment of
said tax to the general fund of the County of Otsego pursuant to an
amendment to Tax Law section 261(1) or other sections of the Tax Law as
deemed necessary to expire December 31, 2027.

 
LEGISLATIVE HISTORY:

New Bill

 
FISCAL IMPLICATIONS:

None to the State

 
LOCAL FISCAL IMPLICATIONS:

Click here

 
EFFECTIVE DATE:
This act shall take effect immediately.

2025-S2111 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2111
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 15, 2025
                                ___________
 
 Introduced by Sen. OBERACKER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations
 
 AN  ACT  to  amend  chapter 374 of the laws of 2024 amending the tax law
   relating to authorizing  the  county  of Otsego  to   impose an  addi-
   tional mortgage recording tax, in relation to extending the effective-
   ness thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 2 of chapter 374 of the laws of 2024  amending  the
 tax  law  relating to authorizing  the  county  of Otsego  to  impose an
 additional mortgage recording tax, is amended to read as follows:
   § 2. This act shall take effect immediately and shall expire  December
 31,  [2025] 2027 when upon such date the provisions of this act shall be
 deemed repealed.
   § 2. This act shall take effect immediately.
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05515-01-5

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