Mortgage tax receipts are up significantly in Chautauqua County. The County Legislature’s Administrative Services Committee passed a resolution to distribute the $987-thousand-115 dollars in mortgage tax proceeds to area municipalities. Finance Director Kitty Crow said proceeds for May were higher than in November 2020, “In November, it was $926,825.45 and then a year ago it was $734,373.52, so it’s considerably higher from a year ago.”
Crow said the mortgage tax has been trending up for the last two years, “Our mortgage tax receipts for 2020 exceeded our budget and were at least as high as 2019, might have been a little higher.”
She added the increase is attributed to it being a “seller’s market” right now with housing selling for asking price or higher.
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