Word that the State of New York is even considering hiking real estate transfer fees on homes does not sit well with Erie County Clerk Kathy Hochul.

In 2009, Erie County homebuyers paid nearly $8 million in transfer tax fees to the State of New York. The proposed 5% fee increase would drain an additional $400,000 from Erie County annually.

According to Hochul, who has seen a spike in real estate activity with the Federal homebuyer tax credits, the proposed fees would undercut the benefits of these tax incentives. “While the Federal government is giving breaks to stimulate homeownership and car sales, there is a proposal to reach even deeper into consumers’ pockets to grab that money for the State. Raising fees on necessities- the home and car, once again puts undue pressure on our already cash-strapped customers,” said Hochul.

The Federal government had it right –giving tax relief helps; fee increases hurt when trying to get our economy back on track.