Chenango County mortgage tax waiting on governor’s signature
NORWICH – Home buyers in Chenango County may soon see an additional fee to their closing cost allowed under home rule regulation, provided that the tax measure is signed by the state governor.
A home rule request through the legislature in Albany had been submitted by the county board earlier this year with intent to add a quarter percent mortgage recording tax on real property.
The state already imposes a basic tax of 50 cents per $100, but also gives counties choosing power to enact an added tax of up to 50 cents per $100. The county’s quarter percent proposal would mean that someone buying a $100,000 property can expect an additional $250 in their closing fees.
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