Increases the tax on deeds in the city of Mount Vernon to 1 1/2 percent.

The bill amends the tax law to increase the tax on deeds in the city of Mount Vernon to 1 1/2 percent. The local governing body of Mount Vernon can impose this tax on deeds by which real property is conveyed, measured by the consideration or value of the interest or property conveyed. The city may allow deductions for any liens on the property and an exemption not exceeding $100,000 on the consideration or value of the property conveyed. The tax does not apply if the contract for the conveyance was made before September 1, 1984.

Increases the tax on deeds in the city of Mount Vernon to 1 1/2 percent.

The bill amends the tax law to increase the tax on deeds in the city of Mount Vernon to 1 1/2 percent. The local governing body of Mount Vernon can impose this tax on deeds by which real property is conveyed, measured by the consideration or value of the interest or property conveyed. The city may allow deductions for any liens on the property and an exemption not exceeding $100,000 on the consideration or value of the property conveyed. The tax does not apply if the contract for the conveyance was made before September 1, 1984.