WeVote
Log In

Bill

Bill

S 7322

Increases the tax on deeds in the city of Mount Vernon

2025 Regular Session Introduced by Jamaal Bailey

Raises Mount Vernon’s local deed/real estate transfer tax, increasing closing costs for buyers and sellers and boosting city revenue for services.

SUBSTITUTED BY A7348
0
WeVote Research Nonpartisan
Bill Summary · S 7322

Summary of S 7322 – Increases the tax on deeds in the city of Mount Vernon

Overview

S 7322 is a Senate bill originally labeled to increase the local tax on deeds (real property transfer tax) within the City of Mount Vernon. The bill has been substituted by Assembly Bill A7348, and the companion Assembly measure is identified as A7348. The primary sponsor listed is Jamaal Bailey.

  • Introduced: April 10, 2025
  • Status: Substituted by A7348 (the Senate bill content has been replaced by the Assembly version)
  • Related: A 7348 (companion)

What the bill would do

  • Increase the tax on deeds within the City of Mount Vernon. In plain terms, the bill would raise the local real property transfer tax rate applicable to transfers of real estate in Mount Vernon.
  • The precise rate increases, mechanics, and any phase-in or transitional provisions would be set forth in the bill text (not included in the provided summary).

Key provisions and changes (as implied)

  • Local tax change: The bill targets the deed/real property transfer tax in Mount Vernon and increases the amount due upon property transfers.
  • Administration and collection: As a local transfer tax, collection would typically be handled by the city or designated tax authority, with changes aligning to the new rate. Specific administration details would be defined in the statute.
  • Revenue allocation: Revenue generated by the increased tax would be directed to Mount Vernon city funds, to be used for city services or debt obligations, subject to the bill’s text.

Who would be affected

  • Property sellers and buyers in Mount Vernon, who would incur higher closing costs due to the increased deed tax.
  • Real estate professionals (realtors, attorneys, title companies) who facilitate transfers and assist with tax calculations.
  • Lenders and closing agents involved in Mount Vernon real estate transactions.
  • City of Mount Vernon government and its residents, as the policy would alter local revenue streams.

Procedural and timeline aspects

  • Referred to Investigations and Government Operations on April 10, 2025.
  • On June 12, 2025, actions included:
    • Committee discharged and committed to Rules (two entries)
    • Ordered to third reading CAL.1897 (two entries)
    • Substituted by A7348 (two entries)
  • The substitution indicates the Senate bill was replaced by the Assembly version, and the companion Assembly bill remains the active measure to track.

Legislative relationship and next steps

  • Companion/Related: A 7348 (companion; this is the Assembly version that currently governs the policy
  • Next steps would typically involve passage of A7348 (or successor language), potential reconciliation between chambers, and eventual signature by the relevant executive authority.

Potential impact and considerations

  • Fiscal: Likely increase in city tax revenue from real estate transfers, with potential implications for Mount Vernon’s budget and service funding.
  • Market effects: Higher closing costs could influence property transaction activity, timing, or buyer/seller negotiation dynamics.
  • Administrative: Implementation would require clear guidance on the new rate, effective date, and any transition provisions to minimize confusion for stakeholders.

Note: Specific rate figures, effective dates, exemptions, and administrative details are not included in the summary provided and would be defined in the full bill text (A7348 and any related amendments).

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

Sign in to ask a question.