County Clerk Update – County Clerk First Quarter Revenue Snapshot

judy P-RGBsmby Suffolk County Clerk Judy Pascale

Suffolk County Clerk Judy Pascale released the First Quarter 2016 revenue report which highlights an increase in revenue from the same period in 2015.
According to the report, the first quarter revenue in the County Clerk’s Office increased to $90,214,250.
“The total revenue in 2015 increased slightly over 2014. And it now appears the beginning of 2016 has continued pace with our overall revenue from 2015,” stated County Clerk Judy Pascale.
There was an increase in land record recordings in 2016, with deed recordings increasing by 21% and mortgage recordings increasing by 8%. This correlated to a significant increase in New York State Mortgage Tax and New York State Transfer Tax. New York State Mortgage Tax, a 1.05% tax on mortgaged money, increased by 14% to $29,209,648 and New York State Transfer Tax, a .25% tax on the purchase price of home sales, increased by 19% to $19,382,973. Additionally, the Peconic Bay Community Preservation Tax, which is 2% tax on the purchase price on properties in Suffolk’s five eastern towns, increased by 14% to $25,921,713.
“It appears the increase in mortgage tax collection and transfer tax was attributed to an increase in home purchases in the beginning of 2016 as well as high priced transfers on the East End,” commented Pascale.
Revenues collected and attributable to Suffolk County’s General Fund also increased by 5% to $3,886,997.
It would appear that mortgage foreclosures have slowed down slightly over the last several quarters after record highs. New Supreme Court cases commencing a foreclosure action decreased by 5% over last year and Judgments of Foreclosure were down from 2015 by 26%.
“The slight drops in foreclosure related filings are hopefully a sign that homeowners are starting to recover from years past and banks are more willing to work with homeowners to avoid foreclosure,” commented Pascale.
“I’m hopeful we will see a continuing trend of increased activity in the real estate market and decreasing activity with Supreme Court and mortgage foreclosures. The municipalities would benefit greatly from the revenues associated with a vibrant real estate market” concluded Pascale.

Filed in: County Clerk Update

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