What you may not know is that Mayor Spano's budget also includes a Proposed Transfer Tax Increase from 1.5% to 3%. The tax would decline over a period of seven years back to 1.5%
What does that mean for the average homeowner?
"There is a Real Estate Transfer Tax on the sale of all real property in the City of Yonkers. This tax is 1.5% of the selling price and the seller is required to pay the tax. No tax is required if a sale is $25,000 or less."
Homeowners are upset and feel strongly that the proposed increase is an unfair burden on seniors and homeowners in general. It will also adversely impact the sale of homes in Yonkers, NY which already has more than it's share of nuisance taxes.
While the proposed budget contains no cuts in services or layoffs and will mean additional money for the public schools it is only a temporary measure to a long term problem.
Here's a question you might hear more of in the years ahead. As many Baby Boomers age and pass on, their children will inherit their homes.
