Bill > S07322

This bill amends the tax law for the city of Mount Vernon, increasing the maximum tax rate on property deed transfers from 1 percent to 1.5 percent. The legislation allows the local governing body of Mount Vernon to impose a tax on real property conveyances, with the tax calculated based on the property's consideration or value. The bill maintains existing provisions that permit the city to offer deductions for liens and provide an exemption of up to $100,000 on the property's value. The tax applies to property transfers within the city, regardless of where the transaction or related negotiations occur, and continues to require tax payment and filing of a return as a prerequisite for recording a deed. This change gives Mount Vernon more flexibility in generating local revenue through property transfer taxes while preserving protections for property owners with lower-value transactions.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S7322