7/23/19 2:19 PM

July State Regulatory Updates

july state regulatory updates

Check out these updates on predictable fee recording, conveyances of real property, filing and recording fees, and a new TDI rule.

Illinois

New predictable fee recording chart effective May 20, 2019 for Cook County IL.

See new fees here: Cook County Recording Fees. 

South Carolina

Filing and recording fees effective date August 1, 2019.  An act to amend Section 8-21-310, Code of Laws of South Carolina, 1976, relating to a schedule of specified filing and recording fees, so as to revise and further provide for various filing fees, including a flat fee for various documents.

New York

Beginning on July 1, 2019, certain conveyances of real property or interests therein, located in New York City (other than a conveyance made pursuant to a binding written contract entered into on or before April 1, 2019) are also subject to the following taxes:

  • A tax of $1.25 for each $500, or fractional part thereof, when the consideration for the entire conveyance of residential real property is $3 million or more ("additional base tax"). 
  • An additional base tax of $1.25 for each $500, or fractional part thereof, when the consideration for the entire conveyance of property other than residential real property is $2 million or more. 
  • A supplemental tax on the conveyance of residential real property, or interest therein, where the consideration is $2 million or more. The tax rate is an incremental rate between .25% and 2.9% based on the purchase price. The rates are published in Form TP-584-NYC-1Instructions for Form TP-584-NYC. 

Vermont

Recording fees increased effective July 1, 2019. See new recording fees here: Vermont Updated Recording Fees. 

Texas

TDI has adopted rate and rule revisions Effective September 1, 2019.  Additional Information can be found here: Texas Adopts Order for Rate and Rule Revisions. 

Topics: Regulatory and Compliance

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