Columbia County, New York– Transfer Tax

Sellers of homes in Hudson, Germantown, Chatham and all of the other towns in Columbia County, New York, can expect to pay a transfer tax on the transaction.

Beginning December 1, 2007, title agents will collect the Columbia County Real Estate Transfer Tax of $2.00 for each $1,000.00 of the consideration (money) paid for all conveyances of real property located in Columbia County, New York. That means more transfer forms, and more headaches for “grantors,” who are also known as sellers. [Chapter 556 of the Laws of 2007, Columbia County].

The Columbia County Tax law exempts the first $150,000 of sales price (consideration) in connection with the sale of a one family residence, and is collected in addition to the New York State Real Estate Transfer Tax. Not to over-stress the orderly real estate closing, the County uses a tax return which must accompany the payment of the Columbia County Transfer Tax which is essentially a photocopy or carbon copy of the TP-584 (New York State Transfer Tax Form).

This Tax is codified in new Article 31-A-2 (Sections 1439-a through 1439-o) of the New York State Tax Law, which allows Columbia County to pass such law imposing the transfer tax. The Act authorizing the Columbia County Transfer Tax shall expire and be deemed repealed on December 31, 2009.

The bottom line– Sellers or real estate in Columbia County– your taxes just went up.