Copyright © 2019 Benchmark Title Agency, LLC.
All Rights Reserved.

NYS Tax Department: Summary of amendments to New York’s real estate transfer taxes.

Summary of amendments to New York's real estate transfer taxes This TSB-M explains changes to New York’s real estate transfer taxes, including several new taxes that will apply to conveyances of real property in New York City effective July 1, 2019. To view the entire document, visit TSB-M-19(1)R, Summary of Amendments to New York’s Real Estate Transfer Taxes. ...

Continue reading

Phyllis Gitter has been promoted and is now a Vice President of Benchmark

To All, Jean and I are pleased to announce that Phyllis Gitter has been promoted and is now a Vice President of Benchmark. Phyllis is a title person who has the passion, salesmanship and professionalism that has always been noticed, but for too long not officially acknowledged. With a career that spans from underwriter to agent, from title closer to maintaining and generating commercial business, Phyllis has excelled at whatever task she has taken on. She has always had the ability to pass her knowledge on to others. But her real specialty is her presence at our most high profile closings after preparing...

Continue reading

New Transfer Taxes Passed in NYS Budget

The NYS budget was passed earlier this week and it contains two new tax provisions that will impact real estate transactions. The changes will take effect on July 1, 2019 and will apply to conveyances occurring on or after such date. (see footnote 1) Both taxes only pertain to cities in NYS with populations of one million or more (presently only NYC). An INCREASE in the NYS TRANSFER TAX RATES; Tax continues to be paid by the Seller/Grantor - the existing rate is $4.00 PER thousand of the consideration (or fraction thereof). The changes are as follows: For residential properties* -...

Continue reading