In this issue of the Newsletter, we will take a look at the Continuing Lien Deduction as set forth under the New York State Real Property Transfer Tax and the New York City Real Property Transfer Tax. One of the unfortunate aspects of conveyances of real estate in New York is the payment of transfer tax imposed by both New York State and New York City. Both New York State and New York City take different approaches as to the Continuing Lien Deduction and it is important to keep in mind the nuances between the two taxing authorities.