Bill > A05329

This bill extends the expiration of a mortgage recording tax specifically for the city of Yonkers from August 31, 2025 to August 31, 2027. The tax, which was originally authorized in 1993, allows Yonkers to impose a tax of fifty cents for every hundred dollars of principal debt secured by a mortgage on real property within the city. This means when someone records a mortgage in Yonkers, they will pay an additional tax based on the mortgage's principal amount. The bill simply modifies the existing tax law by changing the end date of the authorized tax period, giving the city of Yonkers two more years to continue collecting this local tax. The change is relatively straightforward and does not alter the tax rate or other substantive provisions of the existing law.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A5329