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A 4135

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

2025 Regular Session Introduced by Chris Tague

Bill A 4135 allows Schoharie County to continue imposing a recording tax on mortgages, boosting local revenue for public services and impacting property transaction costs.

SUBSTITUTED BY S3626
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Bill Summary · A 4135

Summary of Bill A 4135

Bill Overview

  • Bill Number: A 4135
  • Title: Extends the authorization for the county of Schoharie to impose a county recording tax on obligations secured by a mortgage on real property
  • Status: Substituted by S 3626
  • Introduced: January 31, 2025
  • Classification: Bill

Purpose and Intent

Bill A 4135 aims to extend the authority of Schoharie County to impose a county recording tax on mortgages secured by real property. This tax is intended to provide additional revenue for the county, which can be utilized for various public services and infrastructure projects.

Key Provisions

  • Extension of Authority: The bill seeks to continue the county's ability to levy a recording tax on mortgage obligations, which is crucial for maintaining the county's financial resources.
  • Tax Application: The recording tax would apply to obligations secured by mortgages on real property within Schoharie County, impacting both residential and commercial real estate transactions.

Affected Parties

  • County of Schoharie: The primary beneficiary of the tax extension, as it would enhance the county's revenue stream.
  • Property Owners and Buyers: Individuals and entities securing mortgages on real property in Schoharie County would be subject to the recording tax, potentially affecting the overall cost of obtaining a mortgage.

Legislative Timeline

  • January 31, 2025: Bill A 4135 was introduced and referred to the Ways and Means Committee.
  • June 10, 2025: The bill was reported and referred to the Rules Committee.
  • June 12, 2025: The bill was reported out of the Rules Committee and ordered to third reading.
  • June 13, 2025: Bill A 4135 was substituted by S 3626, indicating that the provisions of A 4135 may be incorporated into the companion bill.

Related Legislation

  • A 5349: A prior-session bill that may have addressed similar issues or provisions.
  • S 3626: The companion bill that has substituted A 4135, likely containing similar or expanded provisions regarding the county recording tax.

Conclusion

Bill A 4135 is a legislative effort to ensure that Schoharie County retains the ability to impose a recording tax on mortgages, thereby securing vital funding for local services. The substitution by S 3626 suggests that the legislative process is ongoing, and stakeholders should monitor developments related to this bill for any changes or implications for property transactions in the county.

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

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