Westchester County”™s mortgage tax receipts this year are at their highest level since 2008 and the start of the region”™s recession-triggered real estate market slump.
The county clerk”™s office collected nearly $5.6 million in mortgage taxes in this year”™s third quarter, a nearly 36 percent increase from the same quarter last year.
Through September, the county this year has collected approximately $13.15 million in mortgage taxes, an increase of about $2.85 million or nearly 28 percent from the first nine months of 2012. It is the highest nine-month total since 2008, when the county reported nearly $15.59 million in mortgage tax receipts after three quarters.
“The mortgage tax figures remain very encouraging and reflect a very robust third quarter real estate market,” said County Clerk Timothy C. Idoni, whose office oversees the collection of state, county and local mortgage taxes.
Idoni noted that fourth quarter tax collections typically slow down as seasonal activity drops in the real estate market. Â Still, “Even figures dropping to last year”™s levels would result in a total collection of approximately $16.65 million, outpacing 2012 by just under $3 million,” he said.
