Date:
August 27, 2003
To:
All Clients and Closers
From:
David Gorenstein, President
Re:
1) Form IT-2663 - Statement of further Assurances
2) City of
New Rochelle - Real Estate Taxes
3) City of
Yonkers - Mortgage Recording Tax
1) Form IT-2663 - Statement
of further Assurances.
The Bulletin issued last week discussing Revised Form
TP-584 and New Form IT-2663 set forth the procedures to
be followed in our administering those forms. It
indicated that our underwriters would, when applicable,
for closing on and after September 1, be submitting Form
IT-2663 to the Department of Taxation and Finance with
payment
of any estimated personal income
tax computed as due by the transferor. Please review
that Bulletin to understand the procedures that we are
to follow.
The Bulletin recites that a “transferor delivering Form
IT-2663 at a closing must also execute a statement
agreeing to assist our underwriter after the closing in
the processing of Form IT-2663 and the payment of the
estimated tax”. A form for transferors delivering Form
IT-2663 to our underwriter to execute in all instances
is annexed to this Bulletin. Closers must deliver this
statement to the Company together with Form IT-2663 and
any checks received to pay estimated personal income
tax.
2) City of
New Rochelle - Real Estate Taxes.
There have been changes made to the real estate tax
payment dates for property located within the City of
New Rochelle,
in Westchester County
The City Tax, for the period January 1 through December
31 is now due in one annual payment
on January 1, payable without penalty until January 31.
Payment
had been due semi-annually on January 1 and July 1.
The School Tax, for the period July 1 through June 30,
is now due in three payments. The first installment of
60% of the tax is due September 1, payable by September
30. The second installment of 20% of the tax is due
March 1, payable by March 31. The third installment of
20% of the tax is due June 1, payable by June 30.
Semi-annual payments had been required, on October 1 and
April 1.
