In New York State, sellers who convey an interest in real property are required to pay New York State real estate transfer tax. In the usual sale of real property, the real estate transfer tax is computed at a rate of $2 for each $500 of consideration or fractional part thereof. For example, in a transaction in which the consideration paid is $100,000, the real estate transfer tax will be $400. The transfer tax is due when the instrument effecting the conveyance, which is a deed in the case of an interest in real property, is delivered from the grantor/seller to the grantee/buyer in the transaction.more »
Mackenzie Hughes attorneys strongly believe in keeping their clients informed on the latest developments in law and business.more »
Perhaps you have seen commercials from personal injury law firms trying to convince you to call them immediately if you have been injured because your claim may be time-sensitive. While these firms are obviously trying to get your business, there is some truth in this type of statement. Virtually any claim you may have against an individual or entity has a “Statute of Limitations” attached to it, meaning the amount of time you have to commence a lawsuit before your claim is deemed time-barred.more »
If you own property assessed by a town, your next school tax bill won’t arrive until September. However, you should take action now to reduce 2014 property tax liability.
Remember: Assessments and Tax Bills are on Different Schedules
A tax assessment is the annual estimate of a property’s fair market value. Town assessors fix tentative assessments on May 1st of each year. If a tentative assessment is not contested, it automatically becomes a final assessment on July 1. The final assessment is used to determine school taxes (billed in September), as well as town/county taxes (billed in January).more »