- June 27, 2003
- All New York State Office Counsel, Managers and Agents
- Rockland County Mortgage Tax
The New York State Legislature has passed a home rule bill authorizing Rockland County to pass a law increasing its mortgage tax by ¼%. The bill is awaiting signature by the governor.
Once the bill is signed, it is likely the tax will increase very quickly.
To prevent being short on a mortgage that closes before, but records after the increase, a sum equal to the ¼ % increase must be taken on all closings in Rockland County starting July 1.
This sum will be refunded if the mortgage is recorded before the increase.
The Stewart escrow form can be used. Fill in paragraph 2, to hold until January 1, 2004. State the escrow will be release upon recording of the mortgage prior to the increase in mortgage tax, or upon the legislature failing to increase the tax.
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