| Greetings! |
Dear Friends:
In this issue of Prestige Title eNews you will find important information regarding Real Estate Transfer Taxes along with some updates regarding Westchester County Recordings and New York City ECB Penalty Relief Program.
I am also pleased to announce that we have recently launched our newly updated website. Please feel free to visit www.prestitle.com and contact us with any comments, questions or suggestions that you may have.
Wishing everyone a happy and healthy holiday season.
- Anthony Chiellino, President |
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 New York State & New York City Real Property Transfer Tax Exemptions for Certain Governmental & Charitable, Religious, Educational Organizations
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Everybody hates paying taxes. The payment of Real Estate Transfer Tax is no exception. New York City and New York State imposes Real Estate Transfer Tax on certain types of real property transactions. The payment of theses taxes are an additional closing cost borne by a Seller and/or a Purchaser of a real property transaction in New York. However, it does happen, on occasion, that one party, (i.e. a Grantor and/or a Grantee), to the real estate transaction is considered exempt from the payment of New York State and/or New York City Real Property Transfer Tax. Specifically, this article will examine those real estate transactions in which the Grantor and/or the Grantee are any one of the following: New York State, or its agencies and political subdivisions, the United States, its agencies and instrumentalities, the United Nations or a Charitable, Religious, Educational Organization.
If you have any questions or would like further information regarding any of the articles in this newsletter, please contact Michael Alfieri, Esq. at (212) 651-1200 or malfieri@prestitle.com.
Also, if there are any topics that you would like us to include in future newsletters, please feel free to e-mail us with suggestions at info@prestitle.com. |
