Bulletin: NY000292

Date:
October 27, 2006
To:
All New York State Office Counsel, Managers and Agents
RE:
Mortgage Tax Increases in Essex and Schoharie Counties; Form MT-15
Effective November 1, 2006 the rate of mortgage recording taxes imposed on the recording of mortgages on real property located inEssex County will be $1.25 per $100.00 secured by the mortgage.

Effective November 1, 2006 the rate of mortgage recording taxes imposed on the recording of mortgages on real property located on Schoharie County will be $1.00 per $100.00 secured by the mortgage.

Form MT-15

Where mortgaged property lies entirely within the State of New York but in more that one locality and those localities impose differing rates of mortgage tax, a tax-payer may either pay the entire mortgage tax based upon the highest rate or file Form MT-15.

Form MT-15 provides for an apportionment of the tax based upon the relative assessed value of the real property encumbered by the mortgage.  The apportioned tax must be paid to the recording officer where the mortgage is first presented for recording.

To access Form MT-15, COPY and PASTE the address below into the address bar of your browser.

http://www.tax.state.ny.us/pdf/2006/mortgage/mt15_106.pdf.

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.

To access Form MT-15, COPY and PASTE the address below into the address bar of your browser.

http://www.tax.state.ny.us/pdf/2006/mortgage/mt15_106.pdf.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None