County Collected Mortgage Taxes Receipts PLUNGE 19% in first 6 Months

WPCNR COUNTY CLARION-LEDGER. From the Office of the Westchester County Clerk. July 8, 2014:

Revenue figures released today by Westchester County Clerk Timothy C. Idoni indicate that county mortgage tax receipts in the first half of 2014 are the lowest seen since 2009.

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 county received $6,112,266.30 in the first half of 2014, down 19% from last year.

“In 2012 and 2013, second half mortgage collections significantly outpaced first half collections,” stated Idoni whose office collects mortgage tax for Westchester County.

“However, monthly revenues dropped at the end of 2013 and have not recovered. We have not collected even a third of what the administration budgeted for 2014.”

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.

First Half Mortgage Tax Collected (County Portion Only)

 

2008

2009

2010

2011

2012

2013

2014

J

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

F

1,548,107.56

742,254.33

1,076,926.44

1,053,435.79

983,990.54

954,144.70

889,047.28

M

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

A

2,063,210.95

867,946.38

973,320.28

989,363.76

957,918.21

1,092,380.85

1,084,327.75

M

1,664,575.33

681,629.24

947,784.00

959,536.22

1,157,089.03

1,460,763.25

1,045,034.32

J

1,815,404.69

1,104,923.76

1,193,917.39

1,102,862.41

1,207,755.15

1,492,226.69

1,174,515.94

10,793,553.07

5,273,232.36

6,478,879.74

6,590,653.80

6,170,453.62

7,549,614.60

6,112,266.30

 

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