[HISTORY: Adopted by the Suffolk County Legislature as indicated in article histories. Amendments noted where applicable. Uncodified sections of local laws amending these provisions are included at the end of this chapter.]086a Uncod LL Pro
Article I Distribution of Mortgage Tax Revenues
[Adopted 3-2-2010 by L.L. No. 5-2010 (Ch. 60, Art. I, of the 1985 Code)]
This Legislature hereby finds and determines that local governments rely heavily on budgeted mortgage tax revenues to support their operations.
This Legislature also finds and determines that Suffolk County administers the distribution of mortgage recording tax revenues to all towns and villages throughout the County.
This Legislature further finds and determines that Suffolk County currently distributes mortgage tax revenues twice each year.
This Legislature finds that the economic downturn has had a significant impact on mortgage recording tax revenues, with this funding source declining to levels last seen a decade ago.
This Legislature determines that this decline in mortgage tax revenue has caused local governments to experience increased pressure on the property tax base and severe constraints on cash flow.
This Legislature also finds that New York State Tax Law § 261 allows counties the option to distribute mortgage tax revenues to local governments on a semiannual, quarterly or monthly basis.
This Legislature further finds that it would be prudent to increase the frequency of mortgage tax revenue payments and decrease the time between collection and distribution of these revenues to aid in operations of towns and villages.
Therefore, the purpose of this article is to make the election to distribute mortgage tax revenue payments to towns and villages on a quarterly basis with a three-month lag.
[Amended 6-17-2014 by L.L. No. 32-2014]
The County of Suffolk elects to distribute mortgage tax revenues collected pursuant to Article 11 of the New York Tax Law to towns and villages on a quarterly basis.
The Suffolk County Clerk, as recording officer, and the Suffolk County Comptroller shall prepare a joint report on or before the 15th day of February, May, August and November of each year showing the amount of mortgage tax revenue to be credited to each town and village for the preceding three-month period ending December 31, March 31, June 30 and September 30.
The Suffolk County Legislature shall, on or before the 15th day of March, June, September and December of each year, authorize the Presiding Officer and the Clerk of the Legislature to execute and deliver a warrant directing the County Comptroller to make the payments to towns and villages specified in the joint report. The Suffolk County Legislature shall authorize the issuance of the warrant by procedural motion.
This article shall apply to mortgage recording taxes collected by the County of Suffolk on and after October 1, 2010. The County Treasurer shall make the first quarterly mortgage tax distribution in March 2011.
Editor's Note: The position of County Treasurer was abolished 6-17-2014 by L.L. No. 3-2014, effective 1-1-2016, and the duties are now performed by the County Comptroller.