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Bill

A 5351

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 Joe Angelino and 1 co-sponsor

Bill A 5351 extends the mortgage recording tax in Chenango County, boosting local funding for services and infrastructure while impacting homebuyers and lenders.

SUBSTITUTED BY S4543
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Bill Summary · A 5351

Summary of Bill A 5351

Bill Information

  • Bill Number: A 5351
  • Title: 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
  • Status: Substituted by S 4543
  • Introduced: February 13, 2025
  • Classification: Bill

Purpose and Intent

Bill A 5351 aims to extend the existing mortgage recording tax specifically for Chenango County. The primary intent is to ensure that the funds generated from this tax are deposited into the general fund of the county, thereby providing a stable revenue source for local government operations and services.

Key Provisions

  • Extension of Mortgage Recording Tax: The bill proposes to extend the duration of the mortgage recording tax applicable in Chenango County. This tax is typically levied on the recording of mortgage documents.
  • Deposit of Funds: It mandates that the revenue collected from the mortgage recording tax be deposited directly into the general fund of Chenango County, which can be utilized for various county services and infrastructure projects.

Impact

  • Local Government Funding: By extending the mortgage recording tax, the bill is expected to enhance the financial resources available to Chenango County. This could lead to improved public services, infrastructure maintenance, and community programs.
  • Homebuyers and Lenders: The extension may affect homebuyers and lenders in the county, as the mortgage recording tax is a cost associated with securing a mortgage. However, the specific financial implications for these stakeholders would depend on the tax rate and the volume of mortgage transactions in the county.

Legislative Timeline

  • February 13, 2025: Bill A 5351 was introduced and referred to the Ways and Means Committee.
  • May 22, 2025: The bill was reported and referred to the Rules Committee.
  • June 12, 2025: The bill was reported and ordered to third reading.
  • June 13, 2025: Bill A 5351 was substituted by S 4543, indicating that the Senate version of the bill will take precedence.

Related Bills

  • S 4543: This is the companion bill to A 5351, which has taken over the legislative process for the mortgage recording tax extension in Chenango County.

This summary provides an overview of Bill A 5351, highlighting its purpose, key provisions, and potential impact on the community and local government.

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

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