Bulletin: NY000553

Date:
November 10, 2014
To:
All New York State Office Counsel, Managers and Agents
RE:
Peconic Bay Transfer Tax Exemption - Town of Southold

First-time homebuyers in the town of Southold now have the opportunity to apply for an exemption from the Peconic Bay real estate transfer tax.  The recent amendment to Tax Law § 1449-ee(4) adds Southold to the towns of Southampton, East Hampton and Shelter Island within the Peconic Bay Region that have a first-time homebuyer's exemption from the Peconic Bay transfer tax.  At this time, the town of Riverhead is the only East End township without the benefit.

The exemption applies to a primary residential property purchased by one or more persons, each of whom is a first-time homebuyer, meeting certain criteria such as household income and purchase price requirements.  For further details, please see NYS Tax Law § 1449-ee and the Town websites for additional information and application forms.

Agency Legal Services is available to answer questions at 212-922-0050

 

 

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:
NY000367 Peconic Bay Transfer Tax Exemption
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None