Schneiderman Proposal Reaps Full Legislative Approval
The Suffolk County Legislature unanimously approved a bill (IR1051-2010) introduced by Legislator Jay Schneiderman to distribute mortgage tax revenues quarterly. The County currently collects and distributes these revenues twice a year.
These distributions often amount to millions of dollars. Last year, then Supervisor Linda Kabot of Southampton made the request to the East End Supervisors and Mayors Association meeting, at which Legislator Schneiderman was present. At Tuesday's meeting in Riverhead, Southampton Supervisor Anna Throne-Holst spoke in support of the proposed law. The quarterly distribution will begin in 2011.
“Because of the weak economy, towns have been struggling with cash flow issues,” said Mr. Schneiderman. “This resolution gives towns access to mortgage tax funds faster.'
The measure also will help the towns meet their budgetary obligations without having to resort to short term borrowing with interest. New York State Law allows the County to distribute these revenues quarterly.
Suffolk County’s Mortgage Tax rate is $1.05 per $100 of Mortgage obtained. Although collected by the County, these revenues are shared by the State and the Town in which the mortgage is held.
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