Erie County Clerk Chris Jacobs this week announced that his office collected about $12 million in real estate transfer in tax revenues in 2014, a 24 percent increase over the previous year’s collections.
As a result, more funds will be available for the repair of county roads this year, he added.
Jacobs said the spike in revenues was owed to some particularly large real estate transactions last year, most notably the sale of controlling interests in Tops Markets for more than $69 million.
Revenues from real estate transfer taxes go into the dedicated Erie County road fund.
“This means that an additional $3.7 million can be devoted to the repair and upkeep of our Erie County Roads which is sorely needed,” Jacobs said.
A real estate transfer tax is assessed on the sale of all real property in Erie County. The rate received by the county is $5 dollars per $1,000 of the property’s assessed value.