Bulletin: NY000054

Date:
September 09, 1994
To:
New York State Counsel, Managers, Underwriters and Agents
RE:
Mortgage Recording Tax Chart

Dear Associates:

The following summarizes the current status of mortgage recording tax rates in New York:

Counties Imposing Basic and Special Additional Tax Only (Total $.75/$100)

Allegany
Cattaraugus
Chautauqua
Chemung
Chenango
Clinton
Columbia
Cortland
Delaware
Franklin
Fulton
Greene
Hamilton
Herkimer
Jefferson
Lewis
Madison
Montgomery
Oneida
Ontario
Orleans
Otsego
St. Lawrence
Schoharie
Schuyler
Seneca
Steuben
Sullivan
Tioga
Tompkins
Ulster
Warren
Washington
Yates

Counties Imposing Basic, Additional and Special Additional Tax (Total $1/$100)

Albany
Cayuga
Dutchess
Erie
Essex
Genesee
Livingston
Monroe
Nassau
Niagara
Onondaga
Orange
Oswego
Putnam
Rensselaer
Rockland
Saratoga
Schenectady
Suffolk
Wayne

Westchester (in Westchester County, the mortgage recording Tax rate for the City of Yonkers is $1.50/$100 due to a local mortgage tax) Authority for this local mortgage tax expires 9/1/95.

Wyoming Counties in New York City (Bronx, Kings, New York, Queens and Richmond):

All mortgages securing less than $500,000 $2/$100

Mortgages $500,000 or more securing a 1,2 or 3 family dwelling, individual condo unit or co-op apartment $2.125/$100

All other mortgages $500,000 or more $2.75/$100

Broome County imposes the Basic, Special Additional and a local mortgage tax, totalling $1/$100

Note: The rates on this chart do not take into account any reductions in the tax due to premises being improved by a one- or two-family dwelling, or the mortgagee being a natural person.

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:
4.36 Documentary Transfer Tax
Exceptions Manual:
None
Forms:
None