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Steuben County to distribute $740,834.04 in semiannual mortgage tax to local districts
Summary
County staff reported a semiannual mortgage-tax distribution of $740,834.04 for the period ending 03/31/2026 and explained the 1.25% rate and the split among local districts, state and county shares.
County staff presented the semiannual mortgage-tax distribution for the period through 03/31/2026 and said a total of $740,834.04 will be distributed to tax districts. Staff explained the county's mortgage-tax rate is 1.25 percent and walked the board through how portions of the rate flow to municipalities, the state and county shares.
"The total that we're distributing to the tax districts is $740,834.04," S2 reported. S2 added the mortgage tax is split under local practice: 0.5 percentage points to local districts/municipalities, 0.25 percentage points to New York State, and the remaining 0.5 percentage points apportioned between the county and special taxing units based on where the mortgage is recorded.
Board members asked about which towns and properties drove the distributions; staff pointed to higher-valuation mortgages in Corning and lake-area properties. One board member said, "700 to $1,000,000 for those properties now," and staff identified several large recorded mortgages that contributed to the allocation. The board approved the distribution as presented.
