Effective August 1, 2013 New Transfer Tax Process for the Cities of Mount Vernon, Peekskill and Yonkers

From: Sal J. Turano
To: All Our Valued Clients

 

As of August 1, 2013, the Office of the Westchester County Clerk will enforce a provision in New York State Law 1201(b), in conjunction with local laws in Mount Vernon, Peekskill and Yonkers, requiring that local transfer tax must be paid BEFORE the recording of Deeds in their office.

 

This change impacts conveyances in Mount Vernon, Peekskill and Yonkers only. Deeds presented for recording, in Westchester County, on or after August 1, 2013 must be supported by a stamped receipt provided by the relevant municipality if any portion of the property conveyed lies in Mount Vernon, Peekskill or Yonkers.

 

The Property Records Electronic Portal (PREP) System will automatically generate a bar-coded cover page which must accompany the local transfer tax receipt. No additional recording fee is due in connection with the submission of the local transfer tax receipt. A stamped receipt is required whether or not local transfer tax is due. Local transfer tax continues to be paid directly to the local municipality.

 

If a package was initially submitted prior to August 1, 2013, but the conveyance paper was rejected, the requirement of providing a stamped receipt will be waived provided the conveyance paper, and any accompanying documents which were also rejected, are resubmitted on or befor September 2, 2013.

 

The Office of the Westchester County Clerk does not collect either the local transfer tax return or the local transfer tax.

 

Attached please find a chart prepared by the New York State Land Title Association which summarizes the procedure for filing local transfer tax returns in Mount Vernon, Peekskill and Yonkers, and a copy of the Real Estate Transfer Tax Receipt form.