- December 02, 2010
- All New York State Office Counsel, Managers and Agents
- Peekskill Transfer Tax
Please be advised that commencing December 1, 2010, the City of Peekskill will be imposing a one percent (1%) transfer tax for "all deeds delivered by a grantor to a grantee on or after said effective date". The 1% is based on the sales price.
The tax is required to be paid within thirty days after delivery of the deed and prior to recording. The tax is to be paid directly to the City of Peekskill. Agents are advised that they should be picking up the tax at closing.
Tax Law Section 1206 provides that "such taxes shall not apply if the contract for any such conveyance was made prior to September 1, 2007".
Attached hereto please see the relevant forms.
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.