By Kevan Abrahams
On Monday, August 7, the Nassau County Legislature voted unanimously to authorize the issuance of a warrant directing the county treasurer to apportion among Nassau County’s towns, villages, and cities its quarterly allocation of the mortgage recording tax for the period between April 1 through June 30, 2023. The $7.6 million sum for the quarter represents an approximately 51.2 percent – or $7.9 million – decline as compared to the same quarter in 2022.
The shortfall is part of what Newsday reported will be an expected $35 million-plus shortfall in overall real estate related fees collected in 2023.
In response to these conditions, I issued the following statement:
“While overall economic conditions appear to be stabilizing and the job market remains strong, such a sharp decline in mortgage tax receipts is concerning and should be monitored closely as we craft the County’s budget for the 2024 fiscal year. It is important for us to all be cautious stewards of Nassau County’s hard-fought surplus so that we can preserve essential services and deliver tax relief on a long-term basis even if this trend continues.”
Kevan M. Abrams (D-Freeport) is the Minority Leader in the Nassau County Legislature and represents the 1st Legislative District. He is also a ranking member of the Legislature’s Budget Review Committee.