New York Amends Tax Law for City of Mount Vernon Real Property Conveyance Tax

The New York Governor signed a law that amends Section 1205 of the tax law, to authorize the city of Mount Vernon to impose a tax on real property deed conveyances at a rate not to exceed one and one-half percent of the consideration or value. The law allows the city to permit deductions for liens and exemptions up to $100,000, while excluding conveyances where contracts were made prior to Sept. 1, 1984. The law takes effect immediately. [A.B. 7348, enacted 12/05/25]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.