February 11, 2021
Advantage Title: Industry Bulletin 2021-02
NEW PALTZ COMMUNITY PRESERVATION TRANSFER TAX
Effective February 1, 2021, the Town of New Paltz implemented a Community Preservation Transfer Tax pursuant to Article III of Chapter 59 of the Town of New Paltz Town Code.
The law imposes a 1.5% (one and a half percent) real estate transfer tax (“Tax”) on each conveyance of real property, or interest therein, situated in the Town of New Paltz, including the Village of New Paltz. The Tax is applicable for ALL residential and commercial property conveyances, as well as conveyances involving vacant land.
The Tax is imposed on the purchaser; however, if the purchaser either fails to pay the Tax, or is exempt from the Tax, the Tax must be paid by the seller.
Please find the link here to “NOTICE CONCERNING ALL CONVEYANCES OF REAL ESTATE IN THE TOWN OF NEW PALTZ” (“Notice”) for additional details, including exemptions, and a link to the legislation. As stated in the Notice, “a Town of New Paltz transfer tax form, similar to the TP-584, must be filed with the Ulster County Clerk at the time the TP-584 return is filed. The Ulster County Clerk’s filing fee of $5.00 is required. The County Clerk’s Office will not record any instrument affecting a conveyance unless the required form is filed and the tax paid.” A link to the transfer tax form can be found here.
For additional reference, please find the links below to the Town of New Paltz website. :