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Niagara County mortgage tax revenue rises 13 percent

LOCKPORT – Niagara County Treasurer Kyle R. Andrews reported this week that the county’s mortgage tax revenues are up 13 percent, or about $160,000, for the first half of the current fiscal year.

Andrews said he believes a continued trend of refinancing of mortgages because of low interest rates produced the spike in income for the period of October through March.

Andrews reported that the county had collected $2.35 million during those six months.

Of that amount, half is distributed to the cities, towns and villages, based on the amount of mortgage activity within each of their borders.

Wheatfield received the largest amount of any community in Niagara County, with a payment of more than $195,000.

The Niagara Frontier Transportation Authority and the State of New York Mortgage Agency split the remainder after the county deducts its administrative expenses.