Please be advised that we have been provided with updated information regarding the proposed changes to the City of Mt. Vernon Transfer Tax calculation which will now take effect on February 1, 2026.
Details of the new calculation are as follows:
Tax Rate: 1.5%
Standard Deduction: The first $50,000.00 of consideration
Payable by: Seller
Effective Date: Deeds dated 2/1/2026 and after
Property Types: All property types except cooperative units
Example: A Purchase Price of $350,000.00 is calculated to $350,000.00 – $50,000.00 = $300,000.00 x .015 = $4,500.00.
Please note: There is no provision in the law for a contract date exemption. The deed/closing date controls. Deeds for closings prior to 2/1/2026 but submitted on or after 2/1/2026 will not be subject to the new tax calculation.
For more information regarding this transfer tax change, the full memo with an FAQ is available here. Form is not yet available, but we will post it on our website when it becomes available.
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.