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S 5607

Extends authorization of the county of Herkimer to impose a county recording tax on obligation secured by a mortgage on real property

2025 Regular Session Introduced by Mark Walczyk

Extends Herkimer County's authority to levy a mortgage recording tax (substituted by A6531), boosting county revenue and affecting lenders, title companies, and buyers.

SUBSTITUTED BY A6531
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Bill Summary · S 5607

Summary: S 5607 – Extends authorization for Herkimer County to impose a county recording tax on mortgage obligations

Overview

S 5607 seeks to extend the authority of Herkimer County to impose a county recording tax on obligations secured by a mortgage on real property. The bill has been substituted by Assembly Bill A6531, meaning the Senate measure has been replaced in its current form by the companion Assembly measure. The primary sponsor is Senator Mark Walczyk.

  • Introduced: February 25, 2025
  • Current status: Substituted by A6531 (as of May 27, 2025)
  • Related bills: S 6406 (prior-session), A 6531 (companion)

Purpose and intent

  • The core aim is to prolong the county’s authority to impose a recording tax on mortgage-related obligations. This type of tax is assessed when mortgage documents are recorded and is typically used to support county operations or services through dedicated revenue.
  • By substituting the Senate bill with a companion Assembly measure, the legislative package consolidates the proposal under the Assembly framework while maintaining the policy objective of extending the tax authority for Herkimer County.

Key provisions (as generally characteristic of this type of extension)

  • Extends the duration of the county recording tax authority for mortgage obligations within Herkimer County. The substitution likely includes the deadline or period for which the authority remains in effect.
  • Establishes or reiterates the framework for how the tax is assessed, collected, and distributed, including administrative responsibilities of the county and the recording office involved.
  • May set conditions, exemptions, or limitations consistent with existing state law governing county recording taxes.
  • Clarifies the relationship with the county’s budget and potential uses of the revenue generated by the tax (though specific allocations are not detailed in the provided information).

Note: The exact text of the substituted bill (A6531) would specify the precise duration, rate, administration, and any exemptions or constraints.

Affected parties

  • Primary: Herkimer County government (and its county clerk/recording office) responsible for administering the tax.
  • Mortgage-related stakeholders: Mortgage lenders, title companies, and individuals transferring real property within Herkimer County who would incur recording costs as part of mortgage transactions.
  • County residents and property owners: Indirectly affected through the potential cost impact on real estate transactions.

Procedural timeline and current status

  • Feb 25, 2025: Introduced and referred to Investigations and Government Operations.
  • Apr 29–May 1, 2025: Progress reports and advancement to third reading.
  • May 27, 2025: Substituted by A6531 (the current form under assembly bill number).
  • The legislative path indicates movement toward final consideration in the respective chamber, now under the substituted measure.

Potential impact

  • Revenue: Provides a continued or augmented source of county revenue to support operations or services, subject to the authorized tax rate and provisions.
  • Taxpayers: Could increase costs associated with mortgage recording for real property transactions in Herkimer County.
  • Local governance: Establishes jurisdictional guidance for tax administration and revenue allocation at the county level.

For a complete understanding, reviewing the text of Assembly Bill A6531 (the substituted form) and any fiscal notes or committee reports would provide the exact provisions, rates, durations, and financial impacts.

Compiled from official sources — confirm details with the bill’s official record.

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