Bulletin: NY000247

Date:
March 31, 2005
To:
All Issuing Offices in New York
RE:
Proposed Increase in Additional Mortgage Tax as defined in Tax Law 253(2)(a)

The proposed budget bill contains a provision to increase the additional mortgage tax from .25/$100 of principal debt or mortgage obligation, to .30/$100 of principal debt or mortgage obligation, in the Metropolitan Commuter Transportation District.

Counties affected are:

New York City (all 5 boroughs);
Suffolk;
Nassau;
Westchester;
Putnam;
Orange;
Rockland;
Dutchess

The increase will be effective immediately upon signing of the bill.

Starting immediately, the new mortgage tax should be collected as follows:

Westchester & Rockland $1.30/$100 = 1.3%
Yonkers $1.80/$100 = 1.8%
Dutches, Nassau, Orange, Putnam, Suffolk $1.05/$100 = 1.05%
NYC under $500,000 $2.05/$100 = 2.05%
NYC-1,2,3 family $500,000 and over $2.175/$100 = 2.175%
NYC all other over $500,000 $2.80/$100 = 2.8%

Any mortgages not yet recorded should be recorded immediately to avoid the increase when it becomes effective as it applies to all mortgages presented for recording, regardless of the date of execution.

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:
None
Exceptions Manual:
None
Forms:
None