WAMPSVILLE — Madison County will begin collecting its own transfer tax.

Starting today, if you buy or sell a property in Madison County, you will be charged a new transfer tax. The county recently passed Local Law #5 that allows Madison County to collect a $2 per $500 of consideration real property transfer tax, matching the existing New York State transfer tax.

Madison County Clerk Michael Keville said, “All funds collected under this new revenue stream will allow the county to limit pressure to increase the property tax countywide. Especially as inflation has put pressure on everyone’s budgets and wallets.”

The local law will be in effect from now through December 2025, unless further extended by local law of the Board of Supervisors.

The local law applies to any conveyance that happens on or after Tuesday, Nov. 1, 2022. However, it does not apply to conveyances made on or after Nov. 1, 2022 that were made in accordance with binding written contracts signed before Nov. 1, 2022, “provided that the date of execution of such contract is confirmed by independent evidence such as the recording of the contract, payment of a deposit, or other facts and circumstances as determined by the treasurer,” according to the local law.

A separate check is not required. For more information go to www.madisoncounty.ny.gov or call the Madison County Clerk’s Office at 315-366-2261.