On March 31, 2019, Governor Cuomo signed the New York State Budget for the 2020 Fiscal Year. Notable changes include increased real estate transfer tax rates and mansion taxes for properties in New York City and other cities with a population of over 1 million.

The new transfer tax and mansion tax rates apply only to property transfers in New York City (and other +1MM cities) after July 1, 2019, except for transfers with contracts signed on or before April 1, 2019 provided that the “date of execution of the contract is confirmed by independent evidence, such as the recording of the contract, payment of a deposit or other facts and circumstances determined by the commissioner of taxation and finance.” Transfer tax rates for counties outside New York counties remain the same.

All real estate salespersons in NYC, which includes Manhattan, Queens, Brooklyn, Staten Island and the Bronx, must receive sexual harassment training if there are more than fifteen (15) employees/independent contractors in the brokerage.

The NYC Commission on Human Rights recently released guidance on the "Stop Sexual Harassment Act" which requires employers to provide sexual harassment training to its employees on an annual basis.  

Of particular importance to real estate brokers, the guidance clarifies that the law requires all employers with fifteen (15) or more employees (which includes independent contractors) to provide training to all independent contractors who have performed work for the employer for more than 90 days or 80 hours in a calendar year. All brokers who have more than 15 employees/independent contractors must ensure they are compliant with the new law which takes effect on April 1, 2019.

Brokers should visit - sexualharassmenttrainingny.com - to get your agents trained today.