Here is a supplemental note to our Prestige Title Newsflash regarding the 2020 NY Budget Bill as it pertains to Transfer and Mansion Tax.
The proposed tax increases take effect on July 1, 2019. A transaction that closes on or after July 1, 2019, that would otherwise be subject to the tax rate increase, may be subject to the original tax rates if the contract was entered into on or before April 1, 2019, and the "date of execution of such contract is confirmed by independent evidence, such as the recording of the contract, payment of a deposit or other facts and circumstances as determined by the Commissioner of Taxation and Finance."
April 2019
