Lawmakers pass state budget; no increases to license fees or state real estate taxes

On Friday, April 1, lawmakers passed a $147 billion state budget, which is a $1.4 billion-increase over Gov. Andrew Cuomo's budget proposal submitted in January. The budget does not contain any increases to the state’s mortgage recording tax or real estate transfer tax, nor does it contain any measure that would increase license fees for real estate sales persons or brokers. The budget adheres to the governor’s goal of restricting state spending growth to two percent. A summary of other budget items including an increase in minimum wage, paid family leave and changes to STAR program can be found here.