County Mortgage Tax Sees Biggest Increase in Four Years

Timothy Idoni Westchester County Clerk

Revenue figures released today by Westchester County Clerk Timothy C. Idoni indicate that annual county mortgage tax receipts were the highest the county has seen since 2008.  The mortgage tax, considered a major county revenue source, has been gradually increasing as the national economy and our local real estate market recover.

County Clerk Timothy C. Idoni, whose office oversees the collection of state, county and local mortgage taxes said, “The 2013 mortgage tax figures reflect a very robust third quarter real estate market, followed by a December drop off similar to year-end declines in 2011 and 2012.”    Idoni went on to say that stricter mortgage financing rules went into effect last week.   “It is hard to predict the immediate impact these rules will have on Westchester’s mortgage tax collections but I am hopeful that the housing market will continue to be strengthened in the coming year.”

 

Mortgage Tax Collected (County Portion Only)
2008-2013

2008

2009

2010

2011

2012

2013

$19,279,695.88

$12,425,216.30

$12,969,203.88

$13,079,307.49

$13,798,859.55

$16,997,949.29

The total 2013 mortgage tax for the county is less than half of the $39,836,895 collected in 2005 when the real estate market was at its recent peak.

For more information about the Office of the County Clerk, please call (914)995-3080 or visit www.WestchesterClerk.com.

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