Westchester’s mortgage tax collection at 10-year low

Westchester County collected $15.7 million in mortgage taxes during 2023, according to data released by County Clerk Timothy C. Idoni.

Revenues year-to-year dropped 42.2% from $27.2 million in 2022 and was the lowest amount collected since the $14.95 million in 2014. The highest mortgage tax collection over the previous 10 years was achieved in 2021 when the county collected $ 30.19 million.

“We believe the lower mortgage taxes are a reflection of higher interest rates and the resultant lack of re-financings and lower inventory of homes for sale,” said Idoni. “It could also be reflecting a “back to normal” as the receipts are reflective of the five-year numbers between 2014-2018 when the county averaged $18.5 million.”

Idoni added the two previous years’ collections were also skewed upward to some extent by some larger commercial deals.