RE: Property Condition Disclosure Statement On September 22, 2023 Governor Hochul signed legislation amending the Property Condition Disclosure Act. The amendment repeals the ability of a Seller of residential property to provide a $500.00 credit to a Purchaser in lieu of completing the Property Condition Disclosure Statement (“PCDS”) AND further amends the PCDS to include […]

RE: License Agreement for Condo Parking & Storage A recent NYS Department of Taxation Letter Ruling has determined that parking and storage space licenses are now considered an interest in real property. As a result, pursuant to NYS Tax Law Article 31, if a Condo contract also includes an Agreement for the purchase of a […]

RE: Peconic Bay Preservation Fund Tax Update – (Supplements notice dated 12/29/22) After discussions with the towns and state, the Suffolk County Clerk has decided to push back the implementation of all changes made to the Peconic Bay Community Preservation Fund until April 1, 2023. The new allowances and increased tax rate will take effect […]

RE: Peconic Bay Preservation Fund Tax Effective 1/1/23 and 4/1/23 there will be changes to the the New York State Tax Law regarding the Peconic Bay Preservation Fund Tax. These changes will include an exemption cap effective 1/1/23 and a tax rate increase effective 4/1/23. The effective dates apply to the date of conveyance only. […]