Madison County will collect its own transfer tax

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WAMPSVILLE — Madison County will begin collecting its own transfer tax.

Starting today, if you buy or sell property in Madison County, you will be charged a new transfer tax. The county recently passed Local Law #5 which allows Madison County to collect $2 per $500 of real estate transfer tax, matching the existing New York State transfer tax.

Madison County Clerk Michael Keville said, “All funds raised through this new revenue stream will allow the county to limit pressure to increase property tax across the county. Especially since inflation has put pressure on everyone’s budgets and wallets.

The local law will be in effect from now until December 2025, unless extended by local law from the Board of Supervisors.

Local law applies to any assignment that takes place on or after Tuesday, November 1, 2022. However, it does not apply to assignments made on or after November 1, 2022 that were made pursuant to binding written contracts executed before November 1, 2022. 1, 2022, “provided that the date of execution of such contract be confirmed by independent evidence such as registration of contract, payment of deposit, or other facts and circumstances as determined by the treasurer”, according to local law.

A separate check is not necessary. For more information, go to www.madisoncounty.ny.gov or call the Madison County Clerk’s Office at 315-366-2261.

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