Trending
It appears mortgage tax revenue continues to fall locally.
During the Chautauqua County Administrative Services Committee meeting, members approved a resolution distributing mortgage tax monies to towns, villages and cities located in the county.
Chautauqua County is looking to distribute $789,085 in mortgage tax revenue collected from April 1 to Sept. 30. Of that amount, $536,785 is going to towns, $166,636 is going to cities and $85,662 is going to villages.
According to Legislature Chairman Pierre Chagnon, mortgage tax revenue continues to drop. "We're all aware that interest rates have gone up substantially. As you can imagine that has an impact on mortgage rates. Looking at this six-month period, compared to the previous six months, this amount of mortgage taxes in front of us for this period is 9.6% less than it was for the previous six months. Looking back further, comparing it to the same six months last year, it is 27.2% less than the same period last year," he said.
Chagnon continued, "Clearly the increase in interest rates and the increase in mortgage rates has dampened the mortgage activity. I would expect we would see this continuing for a while, as long as interest rates stay as high as they are," he said.
Jamestown will receive the highest amount of $117,636. The city of Dunkirk will receive $49,206.
For towns, Pomfret will receive the highest amount of $67,665. Fredonia will receive the highest amount for villages, $33,877.
Other towns and villages will receive the following amounts:
TOWNS - Arkwright $6,644; Busti $47,287; Carroll $11,778; Charlotte $4,934; Chautauqua $44,557; Cherry Creek $4,977; Clymer $5,805; Dunkirk $7,434; Ellery $51,213; Ellicott $52,656; Ellington $6,249; French Creek $11,200; Gerry $22,632; Hanover $57,863; Harmony $5,792; Kiantone $2,855; Mina, $8,000; North Harmony $5,792; Poland $13,298; Portland $22,929; Ripley $9,450; Sheridan $16,904; Sherman $5,225; Stockton $7,145; Villenova $3,195; Westfield $22,676.
VILLAGES - Bemus Point $3,429; Brocton $2,083; Cassadaga $1,140; Falconer $5,821; Lakewood $14,005; Mayville $3,574; Panama $678; Sherman $947; Silver Creek $6,472; Sinclairville $1,325; Westfield $8,276.
The legislature will vote on the resolution Wednesday to authorize the distribution of the mortgage tax.