To: Clients of Judicial Title Insurance Agency
Re: Real Property Transfer Tax Increases
The 2019/2020 New York State Budget Bill includes amendments to Section 1402 of the Tax Law, the changes include provisions that will increase the New York State Transfer Tax and Mansion Tax on some properties that are located within the five boroughs of New York City. The increases will affect applicable transactions that occur on or after July 1, 2019 with the exception of those that have a written contract that was entered into on or before April 1, 2019 provided that the date of the contract is confirmed by independent evidence, such as the recording of the contract or payment of the deposit.
The amount of the increases and the properties they affect are as follows:
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