Bill > S00432

This bill extends the expiration of a mortgage recording tax in the city of Yonkers from August 31, 2025 to August 31, 2027. Under this tax, the city is authorized to impose a fee of 50 cents for every $100 of principal debt or obligation secured by a mortgage on real property within the city. This means when a mortgage is recorded, the borrower will pay this tax based on the loan amount. The bill simply modifies an existing law to provide two additional years for the city to continue collecting this tax, which has been in effect since 1993. The tax applies to mortgages recorded on or after the effective date of the local law, and it also includes a provision for mortgages with principal debt under $100. The act will take effect immediately upon passage.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S432