Realtors association speaks out against Mount Vernon real estate transfer tax hike
Representatives said the law increases the real estate transfer tax to 1.5% on properties that are sold for $50,000 or more.
Share:
More Stories
0:49
Olympic watch party in Pomona cheers on Rockland athletes
2h ago0:49
New basketball documentary film 'The Process' has ties to Westchester
2h ago2:04
Sunny skies and warm temps for Saturday in the Hudson Valley
2h ago1:54
Boar’s Head deli meat recalled for potential listeria contamination
2h ago1:52
Hudson Valley doctors warn of listeria dangers following multi-state outbreak
2h ago0:17
Yorktown police sergeant celebrates final walkout following 2 decades of service
4h ago0:49
Olympic watch party in Pomona cheers on Rockland athletes
2h ago0:49
New basketball documentary film 'The Process' has ties to Westchester
2h ago2:04
Sunny skies and warm temps for Saturday in the Hudson Valley
2h ago1:54
Boar’s Head deli meat recalled for potential listeria contamination
2h ago1:52
Hudson Valley doctors warn of listeria dangers following multi-state outbreak
2h ago0:17
Yorktown police sergeant celebrates final walkout following 2 decades of service
4h agoRepresentatives from the Hudson Gateway Association of Realtors spoke out against a new law in Mount Vernon that increases real estate transfer taxes at City Council meeting on Wednesday.
They said the law increases the real estate transfer tax to 1.5% on properties that are sold for $50,000 or more.
Although the law hasn't been implemented yet, members from the association, like Rey Hollingsworth, said they're taking a stand against it now because they fear it will hurt potential homebuyers.
"Right now, the average house in Mount Vernon is $627,000," Hollingsworth said. "So, it's difficult to buy a home as is."
Specifically, they said they're worried about how this law could affect African Americans, who make up a large percentage of home buyers in Mount Vernon.
Mount Vernon's comptroller issued a statement to News 12 explaining that there are benefits to the tax hike saying, "This law is a step towards securing the city's financial future without over-relying on property taxes."
