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Bill

Bill

S 4543

Extends the mortgage recording tax for Chenango county and relates to the depositing of mortgage recording tax funds into the general fund of the county of Chenango

2025 Regular Session Introduced by Peter Oberacker

Extends Chenango County's 1% mortgage recording tax to 2028, allowing county to deposit funds in general budget but requiring 25% for housing/community.

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Bill Summary · S 4543

Summary of S 4543 - Mortgage Recording Tax for Chenango County

Overview

This bill extends the existing mortgage recording tax for Chenango County, New York and allows the county to deposit the collected funds into its general fund.

Key Provisions

  • Extends the 1% mortgage recording tax in Chenango County for an additional 3 years, from its current expiration date of December 1, 2025 to December 1, 2028.
  • Permits Chenango County to deposit the revenue generated from the mortgage recording tax into the county's general fund, rather than requiring it to be used for specific purposes.
  • Requires the county to use at least 25% of the mortgage recording tax revenue for housing and community development programs.

Impact

  • This bill will ensure that Chenango County can continue collecting the mortgage recording tax, which provides an important revenue stream for the county.
  • Allowing the revenue to be deposited into the general fund gives the county more flexibility in how the funds are used, but requires that a quarter of the proceeds be directed to housing and community development initiatives.
  • Homeowners and those refinancing mortgages in Chenango County will continue to pay the 1% mortgage recording tax as part of their closing costs.

Procedural Details

  • The bill was introduced in the New York State Senate on June 2, 2025.
  • It passed both the Senate and Assembly and was signed into law by the Governor on August 18, 2025.
  • The bill takes effect immediately and applies retroactively to any mortgage recordings made on or after December 1, 2025.

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

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