County Clerk Idoni asks, Is this an Anomaly or the New Norm?
Westchester County Clerk Timothy C. Idoni released his office’s 2023 year-end mortgage taxes collection report for the county showing the second lowest amount collected in ten years. The total county mortgage tax collected in 2023 was $ 15,721,838. Revenues year to year dropped 42.2 % from 2022’s $ 27,212,223. The high over the previous ten years was achieved in 2021 when the County collected $ 30,198,878. The low was $ 14,951,341.58 in 2014.
Idoni said, “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. 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 $18,500,000.” The two previous years’ collections were also skewed upward to some extent by some larger commercial deals.
| 2019 | 2020 | 2021 | 2022 | 2023 |
| $20,135,933.66 | $21,763,718.89 | $30,195,878.61 | $27,212,223.32 | $15,721,837.89 |
The Clerk indicated his office may have to have to wait until mid-year to get a better sense as the first quarter of the calendar year has been the slowest part of the real estate market sales.
The County Clerk staff can assist you with any questions or concerns. Feel free to contact them at 995-3082 on weekdays between 8:30 am and 4:30 pm, or visit their website at [www.WestchesterClerk.com] for more information.
