Please be advised that Governor Hochul has signed into law Assembly Bill A7348 which increases the City of Mt. Vernon Transfer Tax rate from 1% to 1.5%. The tax rate increase is effective immediately.
Transfer Tax to the City of Mt. Vernon calculation is:
Deed consideration less a deduction for up to $100,000.00 multiplied by 1.5%. The tax is a seller obligation. It applies to Deeds only, so cooperative units would not apply.
Example: A Purchase Price of $350,000.00 is calculated as $350,000.00 – $100,000.00 = $250,000.00 x .015 = $3,750.00.
Key Impacts:
- The City is authorized to permit deductions for property liens and an exemption of up to $100,000 based on the value of the property being conveyed.
- The tax applies to all transfers of real property situated in Mount Vernon, regardless of where the closing or negotiations occur.
- Payment of the tax and filing of the required return are conditions precedent to recording the deed.
If you have a pending or upcoming transaction involving property in Mount Vernon, we recommend contacting our office as soon as possible so we can assist with the correct tax calculation and ensure full compliance with the new requirements.
We are still waiting for additional information regarding implementation of the higher tax rate. There is no provision in the law for a contract date exemption, and the City of Mt. Vernon has not provided an updated transfer tax return form. We will notify you when we have additional information.