- October 26, 2004
- All Issuing Offices in New York
- IT-2664 Non Resident Transfer of Co-op; Mortgage Tax Increase in Lewis County; Mortgage Tax On Multi-County Parcels
1. New York State has just released Form IT-2664, for use by non-resident individuals, estates and trusts in the sale of shares of a co-op. As stated in a previous bulletin, this tax is due within 15 days of the transfer. A reminder for NYS residents, the tax will be included in the 2004 returns. It may be necessary to pay an estimated tax for the transfer using the Form IT-2105. A copy of the return, instructions and technical services bulletin is attached for your reference.
2. Effective November 1, 2004, all mortgages presented for recording in Lewis County are subject to an additional $.25/$100 tax, for a total of 1%.
3. If a mortgage covers property in more than 1 county, the two options with respect to mortgage tax are:
a. pay the tax at the rate of the highest county rate
b. file Form MT-15 to determine the tax and pay based on the computed amount. A copy of the form is attached.
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.