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Greene Co. reduces its mortgage tax projection

Jan 21, 2019 12:45 pm
Sarah Trafton is reporting for Columbia-Greene Media Greene County is anticipating a $250,000 loss in mortgage tax revenue after a measure authorizing the county to collect those taxes was not renewed by the state Assembly in December. The county's home rule request got caught up in the battle over the authorization of speed cameras in New York City, according to Republican state Sen. George Amedore. The county usually receives $1 million in revenue every year from the mortgage tax, Greene County Administrator Shaun Groden said. “Fifty cents for every $1,000 of a mortgage gets turned over to the county,” he said. “But it is not authorized if the bill is not renewed.” Groden estimated the bill will be renewed about two months into the new year, and he projects the county would lose a quarter million dollars as a result. “I reduced the revenue from the mortgage take to $750,000,” Groden said. “We’re working with Greene County to move forward and I am hopeful that the bill will come to the floor within the next two weeks, so some relief will be forthcoming,” Republican state Assembly member Chris Tague said. Read the full story at HudsonValley360 [dot] com.