Bulletin: NY000703

We would like to inform you of a significant development that may impact your real estate transactions within the City of Mount Vernon.  Recently, the City Counsel approved a ½ percent increase in its transfer tax rate together with a $50,000 reduction in the consideration threshold.  As expected, these changes come with the introduction of a revised form for processing property transfers.

Transfer Tax Increase:  For all transaction after January 1, 2024, the local Mount Vernon transfer tax is 1.5% of consideration in excess of $50,000.  This is a change from the prior law, where the transfer tax rate was 1% of consideration in excess of $100,000.

Revised Transfer Tax Form:  In conjunction with the transfer tax increase, a revised Real Property Transfer Tax Return with Instructions can be found at https://www.cmvny.com/DocumentCenter/View/8276/Transfer-Tax-Application-20204-PDF.

For information, linked herewith Local Law No. 4 of 2023 amending section 234-45 of the Code of the City of Mount Vernon.

In the event you have any questions regarding the above, please contact Stewart Title Legal Department at 212-922-0050 and speak with any Underwriting Counsel.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.

Attachments: Local Law 4 of 2023; City of Mount Vernon Transfer Tax Return (rev 1.04.2024)