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)
Does Your Nonprofit Need an Annual Audit?
Many people wonder if a nonprofit needs an annual audit, and the answer is—it depends.Although there is no federal requirement that all tax-exempt organizations undergo an audit, many possible triggers
The Importance of a Quality of Earnings Study
Are you planning to buy a business or sell your own business? If yes, then it is highly recommended to get a Quality of Earnings (QoE) study done. A QoE
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.
