- March 28, 2007
- All New York State Office Counsel, Managers and Agents
- Town of Warwick, Orange County Transfer Tax
All conveyances over $500, made on or after April 1, 2007, in the Town of Warwick, are now subject to a transfer tax of 0.75%. This is in addition to the NYS Transfer Tax (TP-584).
The tax is paid by the grantee. If the grantee is exempt, or does not pay, the grantor must pay.
The first $100,000.00 of consideration on improved property and the first $50,000.00 unimproved property is exempt from the tax.
A conveyance made pursuant to a contract executed prior to April 1, 2007 is exempt from the tax. To prove a pre 4/1 contract, independent evidence must be presented. This can include a deposit of the down payment prior to 4/1, recording of the contract prior to 4/1, or other facts as allowed by the County Treasurer.
The exemptions from the tax are listed in Schedule B, Part II of the transfer tax form. To qualify for the exemption, Schedule B Part II must be submitted to the town of Warwick for signature by the Town Attorney or Supervisor.
The transfer tax form must be filed with the County Clerk at the time the TP-584 is filed. The fee for filing is $5.00. The tax is payable to 'Orange County Clerk'.
The forms can be downloaded from www.townofwarwick.org.
Questions concerning the tax can be addressed to the Town of Warwick's Supervisor's Office, 845.986.1120.
This tax is similar to the Peconic bay Tax. It will used to fund a Community Preservation Fund.
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.