Westchester County’s mortgage tax revenues fell more than 6 percent in the first half of 2012, coming in lower than in either of the past two years.
The six month total was $6.17 million, down from $6.59 million in 2011, the county clerk’s office reported. In 2008, before the bottom fell out of the housing market, the six month total was almost $10.8 million. The tax hit its peak in 2005, with $39.8 million for the year.
“We are hopeful that record low interest rates combined with the slow improvement we are seeing in our local real estate market will result in a steady increase in this important revenue source in the second half of the year,” said County Clerk Timothy Idoni in a statement.