MINEOLA, N.Y. (CBSNewYork) — The cost of closing or refinancing a home will be skyrocketing in Nassau County in an effort to balance the budget.
Real estate fees are going through the roof in Nassau County, meaning anyone buying, selling or refinancing a house will pay hundreds or even thousands of extra dollars in fees, WCBS 880’s Mike Xirinachs reported.READ MORE: Fourth Stimulus Check: Will You Get Another Relief Payment?
Some of them may have to be paid multiple times during a single transaction.
Lawmakers agreed to the fee hikes as a way to avoid a property tax increase.READ MORE: Surveillance Video Shows Inwood Robbery, Shooting That Left Milton Grant, 34, Dead
The new fees, which are scheduled to take effect on Monday, will likely make closing costs the highest in the New York-metro area, according to Newsday.
Th new higher real estate fees are expected to generate over $35 million in new revenue.
In the meantime, the Nassau Interim Finance Authority is expected to approve the county’s new budget plan Friday.MORE NEWS: Connecticut Becomes 19th State To Legalize Recreational Marijuana
The board rejected County Executive Ed Mangano‘s 2016 budget plan late last month, saying it relied too heavily on shaky revenue assumptions.