Jacobs to deliver over $8.5 Million to Local Municipalities | News
Says Mortgage Tax Collections up 8.9% Over Same Period Last Year
Erie County, NY- Erie County Clerk Chris Jacobs announced local governments will soon receive their share of the Erie County Mortgage Tax collections based off of real estate transactions recorded in the Clerk’s Office. The total to be distributed on November 15th is $8,623,740.49 and covers the six month period April 1, 2013-September 30, 2013. This amount is 8.9% higher than the same period last year.
“Record low interest rates earlier this year fueled both refinancing and home purchases throughout Western New York. This is a positive development for Erie County’s municipal governments since mortgage tax distributions are a major source of revenue for many of the County’s cities, towns and villages,” stated County Clerk Jacobs.
Jacobs noted that since taking office he has made it a priority to review internal processes and procedures to identify efficiencies and improve work flow. As a result, working with the Comptroller’s Office, County Clerk Jacobs will be able to deliver these monies to localities a full month earlier than in the past.
“This time of year local governments begin to tighten their belts a little more in order to stay within their own budgets, so we are keenly aware that even one month can make a difference in their cash flow planning for municipal governments,” added Jacobs.
Mortgage tax is collected by the County Clerk’s Office in accordance with specific State laws. Twice a year, the County distributes mortgage tax receipts to the three cities, 25 towns and 16 villages located in Erie County. Distributions are determined by the amount of total mortgages entered into for each municipality during the applicable period.