Thursday, February 7, 2019

  WXPort  

  

Increased mortgage recording taxes mean boon for Ulster municipalities

KINGSTON – A dramatic three-year increase in the sales of new and existing homes in Ulster County has resulted in a boost in mortgage filing fee revenue that go back to the municipalities in which the homes are located.

A portion goes to Ulster County for administrative services.

County Comptroller Elliott Auerbach, whose office studied the real estate boon, said the increased sales and related filing fee income is not only reflective of home sales.

“The mortgage recording tax is also impacted by commercial sales so in some of the towns and communities that we reviewed, I look at the Town of Ulster for example or the City of Kingston; they have a combination of both healthy housing sales and healthy commercial property sales in both cases it really spikes the mortgage recording tax revenue,” he said.

Auerbach said overall county-wide distributions have reached a three-year high of over $4 million. He said the secondary impact of a healthy housing market can be felt by hardware and appliance stores, landscapers, home furnishing store and construction companies.

 


Copyright © 2019 Mid-Hudson News Network, a division of Statewide News Network, Inc.
This story may not be reproduced in any form, by any media, without express written consent.
This includes rewriting, broadcasting and/or printing of material from MidHudsonNews.com,
by websites, radio and television stations, newspapers or other media

 

 


HEAR today's news on MidHudsonRadio.com, the Hudson Valley's only Internet radio news report.