Mortgage tax revenue increases in county

The money that Chautauqua County collects from mortgage taxes has gone up nearly 10%.

During the legislature’s Administrative Services Committee meeting, members discussed a resolution to distribute mortgage taxes back to towns, villages and cities. This is done on a semi-annual basis.

Overall, the legislature will distribute $866,209. Of that amount, $625,112 will go to the 27 towns, $146,221 will go to the two cities and $94,874 will go to the 13 villages.

During the discussion, Legislature Chairman Pierre Chagnon, R-Bemus Point, said he tracks the trends of the mortgage tax revenue.

“During this period of time compared to the same period of time last year, it’s essentially flat,” Chagnon said. “Compared to the prior six months, it’s actually up 9.8%.”

Chagnon continued, “It would appear that our rapid decline in mortgage tax receipts has bottomed out and may actually be stabilizing and coming back up again.”

Chagnon noted there was a dramatic reduction in mortgage tax receipts with the continued increase of interest rates. Now that seems to have changed. “We may actually be recovering,” he said.

The resolution to distribute the mortgage tax revenue was passed by the committee and needs final approval from the full legislature when it meets on Wednesday.

The full distribution breakdown is as follows:

TOWNS: Arkwright $1,445; Busti $61,326; Carroll $10,275; Charlotte $4,781; Chautauqua $36,118; Cherry Creek $7,855; Clymer $11,302; Dunkirk $8,457; Ellery $144,840; Ellicott $61,398; Ellington $1,520; French Creek $21,495; Gerry $11,671; Hanover $34,453; Harmony $10,297; Kiantone $6,886; Mina $12,752; North Harmony $17,825; Poland $7,530; Pomfret $66,832; Portland $15,406; Ripley $8,181; Sheridan $14,383; Sherman $4,667; Stockton $8,911; Villenova $8,400; Westfield $26,095.

CITIES: Dunkirk $41,722; Jamestown $146,221.

VILLAGES: Bemus Point $9,699; Brocton $1,399; Cassadaga $1,422; Celoron $4,698; Falconer $6,788; Fredonia $33,465; Lakewood $18,163; Mayville $2,897; Panama $1,205; Sherman $846; Silver Creek $3,853; Sinclairville $909; Westfield $9,524.


Today's breaking news and more in your inbox

I'm interested in (please check all that apply)
Are you a paying subscriber to the newspaper? *

Starting at $2.99/week.

Subscribe Today