New York New Recording Tax bill imposing on co-op mortgages.

By
Real Estate Broker/Owner with New York Real Estate Experts

 

RE:                 Governor's Budget Bill calls for imposing a recording tax on mortgages for the purchase of individual co-op units.     

                        SAY NO! to Assembly 9710 and Senate S6610

 

This part of the Governor's Budget Bill is calling for a recording tax on mortgages that are involved in the purchases of individual co-op units. The proposal will wreak financial havoc on a portion of the housing market that is already troubled.

  

CALL your Westchester State Assembly or Senate Representative and tell them YOU ARE AGAINST the Governor's Budget Bill related to portions A9710 and S 6610

  

The Governor's mortgage recording tax constitutes "double taxation" on co-op shareholders. Co-ops, as you know, already pay a mortgage recording tax on their respective underlying mortgages. That cost is essentially borne by the shareholders.

  

The co-op housing market is now, and has been for several years, the only affordable, entry-level ownership of housing available to those who cannot afford the inflation of the single-family home market.

  

This proposed portion of the Governor's Budget would mean a significant economic burden would be imposed on every purchaser. Conversely, those shareholders wishing to sell their units would be detrimentally affected by this increase in cost to prospective buyers. Pricing prospective buyers out of the co-op housing market would not serve in anyone's interest, including the co-op associations themselves!

  

PLEASE PHONE YOUR STATE LEGISLATORS! A LIST OF THOSE LEGISLATORS IS ATTACHED! THANK YOU FOR YOUR ASSISTANCE ON THIS IMPORTANT ISSUE!

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