LIEB BLOG

Legal Analysts

Wednesday, April 17, 2019

Source of Income Discrimination now banned in all of New York State


Source of income discrimination is now prohibited in all of New York State as a result of Governor Cuomo’s signing of the New York State FY 2020 Budget. The Budget amends the New York State Human Rights Law or Section 292 of the Executive Law to add and define “lawful source of income” as a protected class.

The term “lawful source of income” shall include, but not be limited to, “child support, alimony, foster care subsidies, income derived from social security, or any form of federal, state, or local public assistance or housing assistance including, but not limited to, section 8 vouchers, or any other form of housing assistance payment or credit whether or not such income or credit is paid or attributed directly to a landlord, and any other forms of lawful income.” Exec. Law §292(36).

Prior to Governor Cuomo’s signing of the Budget, source of income discrimination was already prohibited in New York City, Nassau, Suffolk and Westchester Counties, among others. It is important to note that as a result of the new law, the cooperative and condominium exemptions in Westchester County are no longer applicable.



Tuesday, April 16, 2019

NYREJ | 2019 Ones to Watch: Andrew Lieb, Esq.

Wednesday, April 10, 2019

CLE Materials - The Top Real Estate Laws of 2018

Tuesday, April 09, 2019

Real Tips HR | Emotional distress is real and can result in 6 figure settlements

Neither physical contact nor physical injury is required to file a discrimination case. In this short video, Andrew Lieb, Esq. and Mordy Yankovich, Esq. illustrate the real exposure employers face from discrimination lawsuits including emotional distress damages, lost wages, punitive damages and attorneys' fees.


Monday, April 08, 2019

CLE Materials - The Top Real Estate Laws of 2018

Friday, April 05, 2019

New NYC Transfer and Mansion Tax Rates | Summary of Transfer Tax Rates for NYC, Nassau, Suffolk, and Westchester Counties

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.

Many writers have commented on these new rates causing much confusion as NYC has its own transfer tax separate and apart from NYS. The NYC transfer tax remains unchanged. However, the NYS transfer tax, as applicable to NYC (and other +1MM cities) has been increased. So, now NYC has two (2) transfer taxes, one (1) to the state and one (1) the city, that are each different from the majority of the rest of NYS.

NEW YORK CITY
New York State Residential Real Property Transfer Taxes apply to the following:
Residential Type 1: A transfer of economic interest in: a one- to three-family house;
  • an individual residential condominium unit; or
  • an individual cooperative apartment.
Residential Type 2: A grant, assignment, or surrender of, or the transfer of an economic interest in a leasehold interest in:
  • a one, two, or three family house; or
  • an individual dwelling unit in a home of more than three families living independently of each other.

NYC – Residential Real Property Transfers
Purchase Price
NYS Transfer Tax
NYC Transfer Tax
Mansion Tax Rate
Payor
Seller
Seller
Buyer
$1 - $500,000
0.40%
1%
N/A
$500,001 -  $1,000,000
0.40%
1.425%
N/A
$1,000,000 - $1,999,999
0.40%
1.425%
1.00%
$2,000,000 - $2,999,999
0.40%
1.425%
1.25%
$3,000,000 - $4,999,999
0.65%
1.425%
1.50%
$5,000,000 - $9,999,999
0.65%
1.425%
2.25%
$10,000,000 - $14,999,999
0.65%
1.425%
3.25%
$15,000,000 - $19,999,999
0.65%
1.425%
3.50%
$20,000,000 - $24,999,999
0.65%
1.425%
3.75%
$25,000,000 or more
0.65%
1.425%
3.90%

NYC – All Other Transfers (Multi-Use, Commercial, etc.)
Purchase Price
NYS Transfer Tax
NYC Transfer Tax
Mansion Tax Rate
Payor
Seller
Seller
Buyer
$1 - $500,000
0.40%
1.425%
N/A
$500,001 -  $1,000,000
0.40%
2.625%
N/A
$1,000,000 - $1,999,999
0.40%
2.625%
1.00%
$2,000,000 - $2,999,999
0.65%
2.625%
1.25%
$3,000,000 - $4,999,999
0.65%
2.625%
1.50%
$5,000,000 - $9,999,999
0.65%
2.625%
2.25%
$10,000,000 - $14,999,999
0.65%
2.625%
3.25%
$15,000,000 - $19,999,999
0.65%
2.625%
3.50%
$20,000,000 - $24,999,999
0.65%
2.625%
3.75%
$25,000,000 or more
0.65%
2.625%
3.90%

NASSAU COUNTY

Purchase Price
NYS Transfer Tax
Mansion Tax Rate
Payor
Seller
Buyer
$1 - $999,999
0.40%
N/A
$1,000,000 or more
0.40%
1%

SUFFOLK COUNTY

NYS Transfer Tax
Peconic Bay Transfer Tax*
Mansion Tax Rate
Payor
Seller
Buyer
Buyer
$1 - $999,999
0.40%
2%
N/A
$1,000,000 or more
0.40%
2%
1%

  *Applies to properties in Southold, East Hampton, Southampton, Riverhead, and Shelter Island and subject to exemptions

WESTCHESTER COUNTY

Purchase Price
NYS Transfer Tax
Yonkers Transfer Tax
Mt. Vernon Transfer Tax
Mansion Tax Rate
Payor
Seller
Seller
Seller
Buyer
$1 - $25,000
0.40%
N/A
N/A
N/A
$25,001 - $100,000
0.40%
1.5%
N/A
N/A
$100,001 - $999,999
0.40%
1.5%
1% after first $100,000
N/A
$1,000,000 or more
0.40%
1.5%
1%



Monday, April 01, 2019

April is Fair Housing Month!

Today is the beginning of Fair Housing Month. The Fair Housing Act was enacted on April 11, 1968, making it unlawful to discriminate against any person based on race, color, national origin, religion, sex, familial status, or handicap in the sale or rental of a dwelling. Although brokers must comply with the Fair Housing Act everyday, it is in the month of April that the Fair Housing Act should be commemorated.  Take Lieb School's Fair Housing Act ONLINE CE course to learn more!