Local

State approves mortgage tax increase to fund TCAT

Tompkins County has received state authorization to use an increase in the mortgage recording tax to fund the ailing local transit service TCAT.

The quarter-percent increase would bring the total mortgage tax, a one time tax on the value of a mortgage levied at the time of closing, to one percent, and is projected to raise $750,000 annually.

TCAT Board Chair Jennifer Dotson says the extra funds are greatly needed.

The money would go towards maintaining TCAT’s fleet, which is beginning to wear down as ridership increases in the County.

Dotson says TCAT will still deal with filling a funding gap, as most transit services similar in size across the country have three times the operating budget.

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