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NASSAU COUNTY SUBJECT TO INCREASE IN THE MORTAGE RECORDING TAX

CONTACT: Ella Stevens - (516) 571-2660

(MINEOLA - May 18, 2005) With the recent passage of the State Budget, Nassau County Clerk Karen Murphy advised that the signed legislation includes an increase to the mortgage recording tax in counties located in the Metropolitan Commuter Transportation District. Nassau County is one of the counties located within this district. The additional mortgage recording tax rate will increase from $0.25 to $.30 for each $100.00 secured by the mortgage. The increase impacts mortgages presented for recording at the County Clerk's Office on or after June 1, 2005.

The mortgage recording tax rate for Nassau will be collected as follows:
Basic Tax:$0.50
Special Tax:$0.25
Additional Tax:$0.30
Total:$1.05 per $100.00
For more information, you can visit the State website at
www.tax.state.ny.us/pdf/memos/mortgage/m05_4r.pdf

The County Clerk's Office, upon recording mortgages, collects mortgage tax. Mortgage tax is generally 1% tax on all mortgages; the increase will boost it to approximately 1.05%. Of the mortgage tax collected, Nassau County disburses approximately 46% of the funds collected to the Metropolitan Transit Authority (MTA). In addition to the MTA, mortgage taxes are distributed to the County's towns and villages and the State of New York Mortgage Agency (SONYMA).

In 2004, the County Clerk collected nearly $235 million in mortgage tax, of which more than $111.3 million was dispensed to the MTA, $2.7 million to SONYMA and the balance of more than $119.5 million went to the Nassau County Treasurer to disburse to the towns and villages within the County.