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Bulletin: NY000346
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Bulletin: NY000346
The Budget Bill now being considered in Albany contains an amendment to Section 333 (3) of the Real Property Law.
The new fees will, as of now, be effective for any recording on or after April 1, 2008. It is suggested this fee be picked up on any closing which will be recorded after April 1, 2008. If the effective date is changed, the fee can be refunded.
The new fees are as follows:
Outside of New York City, qualifying residential or farm property
Purchase Price Fee
Not more than $175,000 $75
More than $175,000 but not more than $250,000 $125
More than $250,000 but not more than $350,000 $175
More than $350,000 but not more than $500,000 $250
More than $500,000 but not more than $1,000,000 $325
More than $1,000,000 $400
Outside of New York City, not qualifying residential or farm property
Purchase Price Fee
Not more than $175,000 $165
More than $175,000 but not more than $250,000 $225
More than $250,000 but not more than $350,000 $300
More than $350,000 but not more than $500,000 $375
More than $500,000 but not more than $1,000,000 $475
More than $1,000,000 $575
Within New York City, qualifying residential or farm property
Purchase Price Fee
Not more than $175,000 $75
More than $175,000 but not more than $250,000 $125
More than $250,000 but not more than $350,000 $175
More than $350,000 but not more than $500,000 $250
More than $500,000 but not more than $1,000,000 $325
More than $1,000,000 $400
Within New York City, not qualifying residential or farm property
Purchase Price Fee
Not more than $175,000 $165
More than $175,000 but not more than $250,000 $225
More than $250,000 but not more than $350,000 $300
More than $350,000 but not more than $500,000 $375
More than $500,000 but not more than $1,000,000 $475
More than $1,000,000 $575
"Qualifying farm property" means property for which the property classification code on the latest final assessment roll, as reported on the transfer report form, is in the agricultural category.
"Qualifying residential property" means property which satisfies at least one of the following conditions:
(a) The property classification code assigned to the property on the latest final assessment roll, as reported on the transfer report form, indicates that the property is a one, two or three family home or a rural residence, or
(b) The transfer report form indicates that the property is one, two or three family residential property that has been newly constructed on vacant land, or
(c) The transfer report form indicates that the property is a residential condominium.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None