Real Property Law Section Blog

Chapter 308 of the Laws of 2006, the "Home Equity Theft Prevention Act, in addition to amending Banking Law Section 595-a ("Regulation of mortgage brokers, mortgage bankers and exempt organizations") and adding Section 265-A ("Home Equity Theft Prevention") to the Real Property Law, added Section 1303 ("Foreclosures; required notices") to the Real Property Actions and Proceedings Law requiring the plaintiff in a mortgage foreclosure to deliver with the summons and complaint a notice, on a separate page in bold, fourteen-point type printed on colored paper that is a color other than that of the paper on which the summons and complaint are printed, captioned (in bold twenty-point type) "Help for Homeowners in Foreclosure" containing text set forth in the Act. Chapter 154 of the Laws of 2007, effective July 3, 2007, limits this requirement to mortgage foreclosures involving residential real property consisting of owner-occupied one-to-four family dwellings.

Chapter 596 of the Laws of 2006, the "Hudson Valley Community Preservation Act of 2007", signed into law by Governor Spitzer on August 15 and effective on January 1, 2008, authorizes Towns and Cities within the Counties of Putnam and Westchester to establish Community Preservation Funds. To provide a source of revenue for such Funds, the Act adds Article 33-B to the Tax Law, authorizing each Town and City in those Counties to enact, subject to approval by referendum at a November general election, a Local Law imposing a transfer tax of up to two percent (2%) of consideration on the conveyance of real property in such Town or City or an interest therein when the consideration exceeds $500. Among the exemptions to be applied is "[a]n exemption from the tax which is equal to the median sales price of residential real property within the applicable town or city, as determined by the Office of Real Property Services pursuant to Section 425 of the Real Property Tax Law…". Returns will be required to be filed, and any tax due paid, to record an instrument conveying real property or an interest therein within the Town or City adopting the transfer tax.

The information below was received from the New York State Department of Taxation and Finance:
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The following address is to be used if sending Real Estate Transfer Tax (RETT) returns via the U.S. Postal Service:

NYS Tax Department
RETT Return Processing
PO Box 5045
Albany, NY 12205-5045

If you choose, you may use a private delivery service, instead of the U.S. Postal Service to file your RETT return and pay tax. If sending RETT returns via a private delivery service, please use the following address:

NYS Tax Department / Misc. Tax / RETT Unit
Building 8, Room 657
W.A. Harriman Campus
Albany, NY 12227

If, however, at a later date, you need to establish the date you filed your return or paid your tax, you cannot use the date recorded by a private delivery service unless you used delivery service that has been designated by the U.S. Secretary of the Treasury or the Commissioner of Taxation and Finance. Currently designated delivery services are listed in Publication 55, Designated Private Delivery Services.

Web address for Publication 55: www.tax.state.ny.us/pdf/publications/general/pub55_105.pdf

Chapter 544 of the Laws of 2007, signed into Law on August 15, 2007 and effective the 90th day after its enactment, authorizes the Town of Fishkill to pass a Local Law establishing a Community Preservation Fund and imposing a transfer tax of up to 2% of consideration on the transfer ot real property,or an interest therein, when the property is located in whole or in part in the Town.The transfer tax will be payable by the grantee.

New Article 31-A-2, "Tax on Real Estate Transfers in the Town of Fishkill", was added to the Tax Law by Chapter 544.

Among exemptions from tax is an exemption "equal to the median sales price of residentail real property within the applicable county, as determined by the office of real property services pursuant to RPTL Section 425.."