Both Republican and Democratic Party legislators in New York’s Nassau County have filed bills opposing the egregious proposed real estate fee hikes designed to fill deficit holes in the 2018 County budget!
Of course, in the current political environment, rather than consensus for where the lost revenue might be made-up were these proposed increases not imposed, each party had their own view for an appropriate source.
Unfortunately (for the taxpayers in Nassau County), the gesture to eliminate the fee increases appears to be what many promises, proposals and gestures made by politicians are…empty and merely designed for political appearances and actually meant simply to pander for votes.
The reason for this opinion is that the Nassau Interim Finance Authority or NIFA, has quickly and clearly stated that neither of the proposed sources for additional revenue are acceptable.
‘NIFA Chairman Adam Barsky said in a statement the “amendments, as submitted by the County Legislative Majority and Minority, do not comply” with a recent NIFA resolution saying any budget changes must include “equivalent and recurring revenue increases or expenditure savings.”’ (Source)
For those unfamiliar, due to what some may term as a longterm mismanagement of taxpayer money, the New York State controlled NIFA ‘has certain powers under the to monitor and oversee the County’s finances’.
Issue Overview: Is Nassau County Raising Fees In Lieu Of Increasing Traditional Taxes?
Put another way,
‘…Are Our Politicians Simply Nuzzling At The Taxpayer Teat Until There’s Nothing Left To Take?
January 2015 Nassau County creates the Tax Map Verification Letter verifying Section, Block and Lot for $75. These letters must accompany all documents presented for recording.
Not one letter per file of course, but a separate $75 letter for all deeds, mortgages, satisfactions, assignments, consolidations, or any modification of the foregoing.
Egregious money grab, right? Wait, you ain’t seen nothing yet!
September 2015 and for the 2nd time ‘…Nassau is proposing to significantly raise fees, including for mortgage recording (which would double, to $300) and tax map verification (which would triple, to $225).‘
Big increase which could only mean one thing…the powers that be got a taste of the low hanging fruit and would likely be back for more!
On schedule and as of January 1, 2017, the fee for a Tax Map Verification Letter jumped to $355…
…it’s to be proposed on Monday September 25, 2017 that the Tax Map Verification Letter fee and land recording fee be raised by $100, bringing each to $455 and $400 respectively…’ (Source: Nassau County, New York Is At It Again! New Fee Proposal On The Table To Gouge The Real Estate Industry…Or,”)
A betting man might say that these fee increases are inevitable. Stay tuned!
Michael Haltman, President
Hallmark Abstract Service
Before you purchase a title insurance policy, do you know the answers to these three basic questions?
- Who is your underwriter?
- What is the claims experience of your title insurance provider?
- Do you know whether the non-title insurance premium fees you are paying are fair and reasonable?