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 […]
The Ultimate Green Playbook for Condos and Coops By Richard J. Sobelsohn Richard J. Sobelsohn is Senior Vice President, Legal, at Cohen Brothers Realty Corporation in New York, New York, and is an adjunct professor of law at Columbia, Fordham, Cardozo, and Brooklyn Law Schools. Full article text can be found HERE.
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. […]
Remote Notarization Approved in NY Effective February 25, 2022, remote notarization is authorized in the State of New York pursuant to section 135-c of the executive law. “Remote notarization” is a form of notarization where the notary officiates the document remotely through audio-visual technology and other security protocols. Remote notarization can be performed by a […]