Earlier this month, Nassau County, New York, which includes Long Island, enacted a series of significant real estate fee increases that were put in place to offset a budget shortfall.
The fee hikes, which included increasing the county tax map verification fee from $75 to $225, and the county clerk block recording fee from $150 to $300, among other fees, are expected to bring in $35.6 million in revenue to the county.
A Newsday report from earlier this month showed that the new fees could add more than $1,100 to the cost of refinancing a $50,000 mortgage to $100,000.
The fees went into effect in early December, and according to the New York State Land Title Association, the new fees were “creating chaos” for the real estate industry in Nassau County.
Now, thanks in part to lobbying efforts by the New York State Land Title Association, the Nassau County Legislature elected to delay the implementation of the new fees until Jan. 4, 2016.
According to the NYSLTA, the new fees were enacted with only 48 hours’ notice on Dec. 2, which threw the county’s real estate industry spiraling.
“While we opposed the increase in fees from the outset, the New York State Land Title Association asked that Nassau County allow home buyers, their attorneys and title companies adequate time to incorporate fee increases into it business practices – and avoid surprises,” Robert Treuber, executive director of the New York State Land Title Association told members of the Legislature earlier this month.
After consideration, the Nassau County Legislature voted to delay the fee increases until early January.
“The NYSLTA appreciates the emergency actions taken by County Executive Mangano and the members of the Legislature,” Marianne Mathieu, NYSLTA’s president, said. “They heard our appeal and reacted to the collective voice of consumers and the real estate finance community.”