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)
It’s Time for Your Business to Think About Year-End Tax Planning
As the year-end approaches, it’s time to take proactive steps to help lower your business’s taxes for 2024 and beyond. Deferring income and accelerating deductions to minimize taxes can be
Finding the Right Business Banking Partner: 4 Considerations to Support your Search
In today’s increasingly dynamic and competitive business environment, finding the right banking partner to meet the needs of your business is critical to your success. Banks are not one-size-fits-all and
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.
