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Commonly Asked Property Tax Questions: A property owner calls and says “I pay too many taxes on my property.” There are two things that affect the amount of real property taxes: valuation/assessment of the property and the tax rate. Basically, the property should not be assessed above its market value. The first question is, “Do…

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New STAR Rebate Program   There’s a new STAR Rebate Program.  The STAR Exemption (lower property assessment) is being phased out and replaced by the STAR Credit (rebate check). If you are currently receiving a STAR Exemption, you do not have to register for the STAR Credit. You will continue to receive the Star Exemption….

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There are new rules governing the loan process for real estate transactions. The new TILA RESPA Integrated Disclosure (TRID) rule, referred to as “Know Before You Owe”, has new forms, and timing requirements that can slow down your real estate transaction. These new rules apply to loan applications made after October 3, 2015. The familiar…

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The City of Newburgh has a new Rental License law. This law applies to all residential rental properties, including single family homes and condominium units. The fees range from $150.00 for a single dwelling unit to $5,000.00 for a property with over 200 dwelling units. A Rental License Application must be submitted to the Newburgh…

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This is the tenth article in a series of articles about Buying and Selling a Home in New York State. Click here for the first installment in the series. Subscribe to this blog for future installments. Q: Do I Need A Survey When I Buy a House? A: The strictly legal answer is generally no….

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This is the ninth article in a series of articles about Buying and Selling a Home in New York State. Click here for the first installment in the series. Subscribe to this blog for future installments. Q. What Is a Common Interest Community and Are There Additional Risks When Buying a Home in a Common…

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As part of a new initiative to help prevent inappropriate or fraudulent STAR exemptions, all homeowners currently receiving a Basic STAR exemption are required to register with the New York State Tax Department in order to receive the STAR exemption in 2014 and subsequent years. Senior citizens currently receiving the Enhanced STAR exemption are not…

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This is the eighth article in a series of articles about Buying and Selling a Home in New York State. Click here for the first installment in the series. Subscribe to this blog for future installments. Q. Are There Any Risks That I Have to Be Concerned With If I Buy Title Insurance? A. Yes….

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I recently contacted a number of contractors to perform some work on my house. Not one of them offered a contract that complies with General Business Law (“GBL”) Article 36-A and Lien Law Section 71-A. All of the contractors just provided a bare-bones estimate that, upon signing, would become the contract for the work. I…

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As highlighted in Marcia Jacobowitz’ post on September 10, 2012, the short sale process will be expedited as of November 1, 2012. Unfortunately, the Mortgage Forgiveness Debt Relief Act of 2007, enacted on December 20, 2007, is about to expire. This IRS program effectively forgives persons who have debt forgiven in a short sale or…

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