Local governments receive a share of mortgage tax collections
Friday May 2, 2014 | By:Press Release |
HAMBURG — Erie County Clerk Chris Jacobs announced that 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 May 15 is $6,916,558. This covers the six-month period of Oct. 1 – March 31.
Jacobs sent a letter to Hamburg Town Supervisor Steven Walters with the information that the town of Hamburg will receive approximately $453,793 in its mortgage tax distribution.
“Mortgage tax distributions are a major source of revenue for many of the county’s cities, towns and villages,” Jacobs said. “I believe it is essential to provide the municipalities this financial information immediately, to better assist them in their budgetary and cash flow planning.”
Jacobs said that, since taking office, he has prioritized reviewing internal processes and procedures, to identify efficiencies and improve work flow.
Jacobs will be delivering these monies to localities a month earlier than was done in the past.
“Municipalities continue to tighten their belts in order to stay within their own budgets, and we are keenly aware that even one month can make a difference in cash flow planning, for municipal governments,” Jacobs said.
Mortgage tax is collected by the county clerk’s office, in accordance with specific state laws.
The county distributes mortgage tax receipts to the three cities, 25 towns and 16 villages located in Erie County, twice per year. Distributions are determined by the amount of total mortgages entered into for each municipality, during the applicable period.
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