The funds come from a one-percent tax on mortgages. The amount distributed represents the three towns’ share of collections during the six months beginning April 1 and ending Sept.30, 2009.
Funds will be distributed to the towns, and villages within them, as follows:
Municipality
Cicero - $416,300
Clay - $604,023
North Syracuse (Village) - $28,461
Salina - $308,558
Liverpool (Village) - $11,962
Amounts distributed to the villages are independent and in addition to the amounts distributed to the towns of which they are a part.
The county clerk collects the mortgage tax whenever a mortgage is filed. Distribution of tax receipts, plus interest while the funds are in the custody of the county, is governed by Section 261 of the State Tax Law. Under this law, 0.5 percent of each mortgage is distributed to the town in which the property is located. One quarter or .25 percent is distributed to CENTRO and the remaining quarter is given to the State of New York Mortgage Agency, which uses the money to support low and moderate-income housing development.
Before proceeding to the vote of the full Legislature, the distribution was considered and approved by the Legislature’s Ways and Means Committee.
