New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-03-07
cTaTE TO RETURN THE TAX
RADICAL CHANGE IN MORTGAGE BILL
MONEY TO GO TO LOCALITIES.
rzY TELEGRAPH TO THE TRIBUNE

fay TELEGRAPH THE TRIBUNE.
.,.rv March 6--The Mortgage Tax bill has
= been amended so that the entire revenue
IT, &c expected TO be raised under it will be
.r-,ed 70 the localities where the tax is col
80 Senator stranahan. the introducer of
-. hill tomorrow will present the amend
ITS which will provide for such a return Of
a,,s and he expects that they will be
Looted. and that the bill will pass the upper
,o,,se on wednesday Thursday of next week.
The bill came up for final passage to-day.
-bereupon Senator Armstrong offered an
.rosndment for the local return Of the tax. At
ser some discussion the bill was laid aside and
+b,s afternoon Senators Stranahan and Arm
s+rong spent several hours perfecting the
amendments.
there shall be tax Of five mills on a dollar for
al mortgages recorded after May /. ANY mort
cage recorded before that time may also come
An under the new law. and provision is made
that short building loan mortgages shall not
he taxed more than once.
The mechanism by which the tax is to he
raised and collected is as follows: The County
clerk OF each county shall report each month
20 the State Controller ali stamps that have
1,sen sold and at the same time turn over the
,7onev collected. On November l of each year
she Controller shall make report to the State
Treasurer, showing the amount OF money cCI-
,ected in each county, and then the State Treas
sIrer shall pay TO the county treasurers their
respective sums. The State Treasurer. however.
shall retain for the State a sum equal 10 the
expense Of printing and circulating the stamps
which are TO be attached to the recorded mort
cages.
In the counties Of the State the county treas
s,rers shall credit to each city and town sum
sp proportion to the equalized assessed valua-
zion on the real and personal property within
these cities and towns. as compared with the
scuaized assessed valuation the real and
personal property Of the county.
On a motion recently to advance the bill,
which at that time provided that the tax should
60 entirely TO the State, IL was discovered that
all the members of the New-York City delega-
1cn. with the exception Of Senator Grady.
Tamnanv and Senators Elsberg and Slater,
Republicans. were opposed to the bill AS
amended il is expected that the Democrats will
he compelled TO turn about and support the
hill. irasmuch as their contention has been that
4he money should go 10 the localities.
In speaking OF the bill it viii be amended,
senator Stranahan said tonight:
expect that the bill in its new form will
pass the Senate. Under its provisions believe
that the revenue from the taxation of mort
cages will be far greater than 1t is at present,
and the different localities where the tax is to
he levied viii profit thereby. In the city of
New-York. for example, under the present law
only about 100000 is raised yearly, whereas
under the proposed statute It is expected that
more than S1700000 will be raised. which will
be a gain Of more than S1250.OO0.
It was the opinion Of the assembly leaders
Of the Republican party tonight that the bill
was likely to pass the lower house.