- October 28, 2003
- All New York State Office Counsel, Managers and Agents
- NYC Local Law No. 47
Pursuant to Local Law No. 47 of the City of New York (for the year 2003) a real property tax surcharge of 25 % is imposed on non-owner occupied Class 1 properties that generate rental income.
Exemption from the surcharge is available, based on criteria in the statute, for those who apply on the form promulgated by the Department of Finance. The form, which is self explanatory and includes instructions and further information, is available on the DOF website at http://www.nyc.gov/html/dof/pdf/02pdf/absentee_landlord.pdf
Please advise your customers of the availability the exemption and the application form as you see fit.
If you have any questions, please call company counsel.
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.