County Mortgage Tax down in First Quarter. Off 20%, Though “handle” is highest since 2008

WPCNR HOME FRONT. Special to WPCNR from the Westchester County Clerk. April 14, 2014:

While 2013 mortgage tax revenue was the highest Westchester County had seen since 2008, first quarter revenue figures show that 2014 has gotten off to a slow start with only $2,808,388 collected for the county from January 1st through March 31st of this year.

The mortgage tax, considered a major county revenue source, has languished in recent years as the national economy and our local real estate market recovered.

The first quarter collections are the lowest since 2009, and almost 20% below last year’s first quarter collections.

“We are hopeful that the improvement we are seeing in our local real estate market will result in a steady increase in this important revenue source in the second half of the year,” stated Idoni whose office collects mortgage tax for Westchester County.

First Quarter Mortgage Tax Collected (County Portion Only)

 

 

2008

2009

2010

2011

2012

2013

2014

January

2,056,319.02

889,557.74

1,282,613.77

1,220,971.17

921,922.83

1,392,542.95

1,013,744.09

February

1,548,107.56

742,254.33

1,076,926.44

1,053,435.79

983,990.54

954,144.70

889,047.28

March

1,645,935.52

986,920.91

1,004,317.86

1,264,484.45

941,777.86

1,157,556.16

905,596.92

TOTAL:

5,250,362.10

2,618,732.98

3,363,858.07

3,538,891.41

2,847,691.23

3,504,243.81

2,808,388.29

           

The total 2014 mortgage tax for the county is budgeted as $19,826,409, less than half of the $39,836,895 collected in 2005 when the real estate market was at its recent peak.  County mortgage tax collected in 2013 totaled $16,997,949.29.

For more information about the Office of the County Clerk, please call (914)995-3080 or visit www.WestchesterClerk.com.

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