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Three Changes In New York State Laws That May Affect Real Estate Consumers And Professionals In Our Own Backyard!

John A. Viteritti by John A. Viteritti
June 12, 2019
in Real Estate
Home Real Estate

The first legislative change that we will address is incorporated in the New York State Executive Law that became effective on April 12, 2019, and how it impacts the same subject incorporated in the Suffolk County Human Rights Law: Source of Income.

The Suffolk County Law has prohibited discrimination in rental housing based on lawful source of income including Section 8 since 2014. The law provides an exemption for rental housing of two or fewer units unless the landlord owns at least one rental housing anywhere in Suffolk County of three or more units; then the exemption doesn’t apply. The State Law now in effect does not allow any exemptions and replaces the Suffolk County Law. Both landlords and real estate professionals are required to comply with the law.

A second legislative change applies to the New York State School Tax Relief Program, popularly know as the STAR Program. It has allowed any owner of a primary residence whose income does not exceed $500,000 to apply for and receive a partial tax exemption of the school portion included in its property taxes. It further provides an additional exemption for those owners 65 years of age or older whose income does not exceed $86,300.

The change in the law for school-year 2019 -20 includes several changes. For those new homeowners who wish to benefit from the STAR Program, the reduction is no longer available. They must pay the full tax and apply for a credit to the New York State Department of Taxation & Finance to receive a check as reimbursement. For those already enrolled in the Program, if their income exceeds $250,000, they must also participate in the Credit Program to receive a credit rather than a reduction. Those qualified senior citizens to receive the enhanced reduction must enroll in the Income Verification Program to verify eligibility each year.

Anyone requiring assistance with these changes should contact their local tax assessor’s office.

A third change relates to New York State transfer taxes pertaining to the sale and purchase of real property. The new laws which affect transfers of real property only apply to municipalities with populations of 1 million residents or more, which means, only New York City. But since the real estate market of Eastern Long Island is sensitive to much of what goes on in NYC, I thought it best to call attention to the changes effective July 1, 2019, but will not apply to binding contracts entered into on or before April 1, 2019 even if the transaction closes after July 1, 2019.

Currently, in New York State, a seller pays a Transfer Tax on the sale of a residential property of $2.00 for every $500 or any fraction thereof of the sale price. As of July 1, 2019, an additional $1.25 for each $500 when the price is $3 million or more, and on all other non-residential properties, when the price is $2 million or more.

Another category of change involves the New York State “Mansion Tax.” A tax of 1% applies to the full price on a purchase of $1 million or more, paid by the buyer. While the 1% remains on the purchase price of $1 million or more, the new law affecting sales in NYC imposes graduated increases in the percentages based on the purchase price, from $2 million up to $25 million or more, the highest percentage being 3.9%.

With respect to mixed use-properties, commercial and residential that sell for $1 million or more, the 1% tax continues to apply only to the value of the residential property.

For more information regarding these taxes, contact the New York State Department of Taxation & Finance.

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John A. Viteritti

John A. Viteritti

John is a St. John's University graduate, licensed Real Estate Broker, DOS Certified Instructor, and real estate consultant. He previously taught at NYU, LIU, and The Cook Maran Real Estate School, which he helped found.

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  • Unique Hamptons Night Out – A Plant Based Private Dinner

I had never heard of veganwagon.com until meeting the owner of the business, Mino Netta, who is a high energy and spiritual person that runs a vegan lifestyle business with her husband? What’s a vegan lifestyle business you ask? I had the same question. Essentially, Vegan Wagon puts together events that revolve around the vegan lifestyle. Mino Netta’s husband is the head chef of the business and is a vegan lifestyle influencer. Alex Cheblal is a 5-star gourmet French Chef that specializes in plant based cuisine. As a vegan chef, he has personally immersed himself into the lifestyle for the last 22 years. @veganwagonchefalex

Read the full article at Hamptons.com (Link in Bio) #hamptons #plantbased #vegan #private #dinner #hamptons
  • Guild Hall Summer Gala to Honor Philanthropist Kathy Rayner

Guild Hall announced today they will honor philanthropist Kathy Rayner at their upcoming Summer Gala on Friday, August 19 at Mulford Farm in East Hampton. Mrs. Rayner will be recognized for her establishment of the Guild Hall William P. Rayner Artist-inResidence program, in honor of her late husband, artist Billy Rayner, which offers artist collectives the time and space to research, experiment, and develop new ideas while living on the East End. @guild_hall

Read the full article at Hamptons.com (Link in Bio) #hamptons #guildhall #summergala #summer #benefit
  • Make Rita Cantina’s Delicious Watermelon Margarita

Rita Cantina offers delicious Mexican cuisine and innovative cocktails. Their signature margarita recipes are composed of deliciously flavorful and seasonal ingredients, refreshing for this summer heat. @rita_cantina

These hot summer days call for a refreshing watermelon margarita recipe by margarita expert Adam Miller: 

Watermelon Margarita
Created by Adam Miller at Rita Cantina (Springs, NY)

● Ingredients
○ 2oz Blanco tequila
○ 1 oz watermelon juice
○ 1 oz lime juice
○ .75 oz simple syrup

● Method
○ Juice lime and watermelon fresh. Make a 1:1 simple syrup with cane sugar.
○ Combine all ingredients in a shaking tin and shake—fine strain over fresh ice. Garnish
with a lime wedge and drink!

● Glass
Double Old Fashioned Glass or Rocks Glass (12.5 oz and above)

Read more about Rita Cantina at Hamptons.com (Link in Bio) #ritacantina #mexican #margaritas #summer #tacos #springs #hamptons
  • Taryn Winters × By Dria Collection Celebrates Feminine Comfort and Empowerment

This summer, Dria Murphy, wellness expert and brand builder, launched by dria, a curated shoppable lifestyle site of “the best of” products within wellness, beauty, interiors and fashion according to her point of view. Through her experience working with many brands and products in these spaces, she discovered that more does not equal better; so to cut through the noise, she was inspired to create this shoppable outlet to share everything she has tested, learned and love. If she wouldn’t wear it, try it, visit it, taste it, sip it or swear by it – it doesn’t make the by dria cut. She also curates a round up of chic, new and noteworthy products you should buy called the au courant edit that drops every month. @driamurphy @tarynwinterslingerie

Read the full article at Hamptons.com (Link in Bio) #fashion #womenempowerment #hamptons #lifestyle #bydria
  • Intriguing Location in Wainscott

7 East Gate Road, Wainscott, NY 11975
Saunders Co-Exclusive: $3,995,000

Located right in the very heart of the Hamptons, this terrific home is close to the places you want to be. The Wainscott Beach is less than 2 miles away. There’s a Jitney stop down the street, not to mention much-loved Levain Bakery, The Seafood Shop, Goldberg’s Famous Bagels, La Capannina Pizza and Wainscott Main Wine & Spirits. Also Wolffer Vineyards sunsets are right down the road. The location is hard to beat; get to Sag Harbor, East Hampton and Bridgehampton easily, in minutes. @divahands @hamptonsrealestate

Read the full article at Hamptons.com (Link in Bio) #hamptons #hamptonsrealestate #luxuryrealestate #saunders #hamptons
  • Review: “Ragtime,” Might be the Best Musical Ever at Bay Street Theater!

Bay Street Theater’s powerful production of the musical “Ragtime” mesmerized the audience and at the end had them on their feet applauding wildly. “Ragtime” is a must see. There are so many individual roof raising performances, yet the show is so much more than the sum of these amazing exhibitions of top level singing, dancing and physical acting. The drama is spellbinding. “Ragtime,” is running at the Bay Street Theater until August 28th, Visit www.baystreet.org for all information about show times and ticket purchases. @baystreettheater

Read the full article at Hamptons.com (Link in Bio) #hamptons #theater #baystreet
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