Bill > A07348

This bill amends an existing tax law to increase the tax rate on real estate deed transfers in the city of Mount Vernon, New York, from 1 percent to 1.5 percent. The legislation allows the local governing body of Mount Vernon to impose a tax on property deed transfers based on the property's value or consideration, with provisions for potential deductions and exemptions. Specifically, the city can allow deductions for property liens and provide an exemption of up to $100,000 on the value of the property being conveyed. The tax applies to property transfers located within the city, regardless of where the transaction or negotiations take place, and the bill requires that tax payment and filing of related returns may be necessary before a deed can be recorded. The bill will take effect immediately upon enactment, giving the city of Mount Vernon the authority to implement this increased tax rate on property deed transfers.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A7348