WAMPSVILLE, N.Y. — Beginning Tuesday, Nov. 1, Madison County will begin collecting its own transfer tax on property sales under local law number five.
The statute allows the county to collect $2 in consideration per every $500 of property sold, which matches the existing state transfer tax. A separate check for the tax is not required.
“All funds collected under this new revenue stream will allow the county to limit pressure to increase the property tax countywide, especially as inflation has put pressure on everyone’s budgets and wallets,” Madison County Clerk Michael Keville said in a press release.
(Sponsored)
Five Bookkeeping Mistakes That Could Be Costing Your Business Thousands
Proper bookkeeping is the financial backbone of any successful business. Yet for many small business owners, it’s often overlooked until something goes wrong, or a report is suddenly needed. Unfortunately,
The Pay Transparency Laws Become Effective On September 17th. Are You Ready?
Later this month New York will join a handful of States in the US which require greater transparency in wages. In December 2022, the Governor signed into law new wage
According to the law, Madison County will collect the tax on any real property sale exceeding $500 from Nov. 1 of this year through Dec. 1, 2025, unless the board of supervisors extends the law further. The law applies to any sale occurring on or after Nov. 1, except those that have binding written contracts entered into prior to that date. Those with sales they believe should be exempted will need to provide supporting evidence such as the recording of a contract, payment of a deposit, or other facts or circumstances as determined by the treasurer.
More information about the law is available online at www.madisoncounty.ny.gov.
