Judicial News

Update to Law Requiring Full Disclosure of LLC Members

  This is an update to a prior notice regarding Tax Law Section 1409 and the requirements involving transactions where the purchaser or seller is a Limited Liability Company (LLC).   New York State has recently amended their website by removing “condominium units” from property types that are required to disclose all “Natural Persons” associated […]

New Law Requires Full Disclosure of LLC Members

New Tax Law Section 1409 Requirements for TP-584 and NYC RPT Forms The New York State Legislature and New York City Council recently adopted provisions to Section 1409 of the New York State Tax Law and Section 11-2105 of The New York City Administrative Code. The provisions apply to all transfers of 1-4 family dwellings […]

The School Tax Relief (STAR) Program 2019

In recent years New York’s Legislature has taken several steps to change the way the popular STAR tax program is administered.  The State has continued to implement a series of modifications to how New Yorkers receive their rebates. New York has been moving away from providing STAR as an upfront savings on School Tax bills. […]

Real Property Transfer Tax Increase

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 […]

Supreme Court rules on DFS Regulation 208

Update: 2/21/19 On July 5, 2018, Supreme Court Justice Eileen Rakower annulled Insurance Regulation 208 in full, finding that portions of it conflicted with Insurance Law § 6409(d) and that other provisions regulating title insurance closers and ancillary fees were arbitrary and capricious. DFS subsequently appealed and on January 15, 2019, the Appellate Division affirmed in […]

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