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County Clerk Update – COUNTY CLERK FIRST HALF REVENUE ON THE RISE IN 2016

FIRST HALF REVENUE ON THE RISE IN 2016by Suffolk County Clerk Judy Pascale

COUNTY CLERK FIRST HALF REVENUE ON THE RISE IN 2016

Suffolk County Clerk Judy Pascale today released the First Half 2016 revenue report which indicates a slight growth in revenue from the same period in 2015.
According to the report, the first half revenue in the County Clerk’s Office increased by 8% to $159,083,242.
“Property transfers in Suffolk County have remained consistent over the last several quarters. We’ve recorded roughly eight percent more land records in the first half of this year and have seen a thirteen percent increase in mortgage tax collection” stated County Clerk Judy Pascale.
The revenue increase was attributable in part to a 13% increase in mortgage tax collection, of which nearly half of the $58,702,245 collected will be distributed to Suffolk’s ten towns. This is due in large part to the continued strengthening of the real estate market.
“Nearly every town in Suffolk County realized an increase in mortgage tax. This is significant for many town governments that have struggled with shrinking revenues during these difficult economic times,” commented Pascale.
Real estate transfers in Suffolk’s five east end towns dipped slightly by 4%. The corresponding Community Preservation Fund Tax, a 2% tax on all real estate transfers, increased by 4% to $46,187,091 in the first half of 2016. Overall, real estate transfers in Suffolk County remained the same with 31,918 deed transfers.
Revenues collected and attributable to Suffolk County’s General Fund also increased by 5% to $8,006,411.
“While the courts are still swamped with mortgage foreclosure cases that have been initiated over the past several years, there thankfully appears to be a reduction in new cases being started,” commented Pascale.
New Supreme Court cases started in the first half of 2016 dropped by 12% to 16,187. New foreclosure cases dropped nearly 25% to 2,682. Unfortunately, the court has indicated there are over ten-thousand cases that are still pending completion.
“While we are still inundated with court work stemming from the mortgage foreclosure crisis, it appears homeowners may be on more solid footing and lenders are willing to work with homeowners to avoid the foreclosure process. Only time will tell if this trend continues,” concluded Pascale.

Filed in: County Clerk Update

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