Bulletin: NY000165

Date:
December 18, 1998
To:
All New York State Counsel, Managers and Agents Please alert your Attorney Customers
RE:
Yonkers Real Property Transfer Tax

Dear Associates:

As part of its budget plan adopted in 1998 for 1998-1999, the City of Yonkers is reducing the City of Yonkers RPT to 1.4%, effective for deeds delivered on and after January 1, 1999. Transactions where the total consideration is less then $25,000.00 remain exempt from taxation.

The Yonkers Mayor plans the complete elimination of this tax in a future budget; In his State of the City address on February 18, 1998, he outlined the elimination of this tax and the income tax surcharge imposed on Yonkers residents, over a three-year period.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
4.36 Documentary Transfer Tax
Exceptions Manual:
None
Forms:
None