When it comes to mortgage-tax collections, Westchester is having its best year since the real estate crash in 2008, County Clerk Timothy Idoni announced today. The county collected $5.6 million in mortgage taxes during the third quarter of 2013, about $1.5 million more than it received in the third quarter of 2012.
That brings the total so far this year (through Sept. 30) to $13.1 million, almost as much as homeowners paid in mortgage taxes for all of 2012. The total mortgage tax collections through the end of September were about $10 million in 2010, 2011 and 2012, according to Idoni. In 2008, the county had collected $15.6 million by this time. In 2009, the tax had only brought in $8.93 million from January through September.
“The mortgage tax figures remain very encouraging and reflect a very robust third quarter real estate market,” Idoni said in a statement.
Due to market activity, there is usually a slowdown in mortgage-tax collections during the fourth quarter. “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 dollars,” he said.