WeVote
Log In

Bill

Bill

A 5329

Extends the expiration of the mortgage recording tax imposed by the city of Yonkers

2025 Regular Session Introduced by Gary Pretlow

Bill A 5329 extends Yonkers' mortgage recording tax, ensuring continued funding for essential city services and infrastructure, impacting homebuyers and property owners.

SIGNED CHAP.161
0
WeVote Research Nonpartisan
Bill Summary · A 5329

Summary of Bill A 5329: Extension of Mortgage Recording Tax in Yonkers

Bill Overview

Bill Number: A 5329
Title: Extends the expiration of the mortgage recording tax imposed by the city of Yonkers
Status: Signed into law (Chapter 161)
Introduced: February 13, 2025

Purpose and Intent

The primary purpose of Bill A 5329 is to extend the expiration date of the mortgage recording tax that is levied by the city of Yonkers. This tax is a fee imposed on the recording of mortgage documents, which is a critical source of revenue for local government operations.

Key Provisions

  • Extension of Tax: The bill extends the existing mortgage recording tax, allowing the city of Yonkers to continue collecting this tax beyond its previous expiration date.
  • Revenue Generation: The extension is intended to ensure ongoing funding for essential city services and infrastructure projects that rely on this revenue stream.

Affected Parties

  • Homebuyers and Property Owners: Individuals and entities that engage in mortgage transactions in Yonkers will be subject to the mortgage recording tax.
  • City of Yonkers: The local government will benefit from continued revenue, which is crucial for maintaining public services and infrastructure.

Legislative Timeline

  • February 13, 2025: Bill introduced and referred to the Ways and Means Committee.
  • April 1, 2025: Reported and ordered to third reading in the Assembly.
  • April 2, 2025: Passed in the Assembly and delivered to the Senate.
  • May 27, 2025: Passed in the Senate, substituted for companion bill S 432, and returned to the Assembly.
  • June 26, 2025: Delivered to the Governor and signed into law, becoming Chapter 161.

Related Legislation

  • A 7238: A prior-session bill related to the mortgage recording tax.
  • S 432: A companion bill that was substituted for A 5329 during the legislative process.

Conclusion

Bill A 5329 plays a significant role in the financial framework of Yonkers by extending the mortgage recording tax, thereby ensuring that the city can continue to fund vital services. The successful passage of this bill reflects the importance of local revenue sources in supporting community needs.

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

Sign in to ask a question.