§ 1423 — Modernization of real property transfer reporting

New York § 1423

• Jurisdiction: New York
• Law TAX: Tax
• Art. 31: Real Estate Transfer Tax

Text

§ 1423. Modernization of real property transfer reporting. (a)\nNotwithstanding any provision of law to the contrary, the commissioner\nis hereby authorized to implement a system for the electronic collection\nof data relating to transfers of real property. In connection therewith,\nthe commissioner may combine the two forms referred to in paragraph one\nof this subdivision into a consolidated real property transfer form to\nbe filed with him or her electronically; provided:\n (1) The two forms that may be so combined are the real estate transfer\ntax return required by section fourteen hundred nine of this article,\nand the real property transfer report required by subdivision one-e of\nsection three hundred thirty-three of the real property law. However,\nthe commissioner shall continue to maintain both such return and such\nreport as separate forms, so that a party who prefers not to file a\nconsolidated real property transfer form with the commissioner\nelectronically shall have the option of filing both such return and such\nreport with the recording officer, as otherwise provided by law. Under\nno circumstances shall a consolidated real property transfer form be\nfiled with, or accepted by, the recording officer.\n (2) Notwithstanding the provisions of section fourteen hundred\neighteen of this article, any information appearing on a consolidated\nreal property transfer form that is required to be included on the real\nproperty transfer report required by subdivision one-e of section three\nhundred thirty-three of the real property law shall be subject to public\ndisclosure.\n (3) When a consolidated real property transfer form is electronically\nsubmitted to the department by either the grantor or grantee or a duly\nauthorized agent thereof, the act of submitting such form shall be\ndeemed to be the signing of the return as required by paragraph (v) of\nsubdivision one-e of the real property law or subdivision (b) of section\nfourteen hundred nine of this article, and the requirement that all the\ngrantors and grantees shall sign the return shall not apply. However,\nthe fact that a grantor or grantee has not electronically submitted the\nform shall not relieve that grantor or grantee of any liability for the\ntax imposed by this article.\n (b) When a consolidated real property transfer form is filed with the\ncommissioner electronically pursuant to this section, the real estate\ntransfer tax imposed under this article, and the fee that would\notherwise be retained by the recording officer pursuant to subdivision\nthree of section three hundred thirty-three of the real property law,\nshall be paid to the commissioner therewith. The commissioner shall\nretain on behalf of the recording officer the portion of such tax that\nwould otherwise have been retained by the recording officer pursuant to\nsubdivision (c) of section fourteen hundred seven of this article, and\nthe portion of such fee that would otherwise have been retained by the\nrecording officer pursuant to subdivision three of section three hundred\nthirty-three of the real property law. The moneys so retained by the\ncommissioner on behalf of the recording officer, hereinafter referred to\nas the recording officer's fees, shall be deposited daily with such\nresponsible banks, banking houses, or trust companies as may be\ndesignated by the state comptroller. Of the recording officer's fees so\ndeposited, the comptroller shall retain in the comptroller's hands such\namount as the commissioner may determine to be necessary for refunds or\nreimbursements of such fees collected or received pursuant to this\nsection, out of which the comptroller shall pay any refunds or\nreimbursements of such fees to which persons shall be entitled under the\nprovisions of this section. The comptroller, after reserving such refund\nand reimbursement fund shall, on or before the twelfth day of each\nmonth, pay to the appropriate recording officers an amount equal to the\nrecording officer's fees reserved on their behalf. Provided, however,\nthat the commissioner is authorized to request that the comptroller\nrefrain from making such a payment of such fees to a recording officer\nuntil the commissioner has certified to the comptroller that the\nrecording officer has supplied the commissioner with the liber and page\nnumbers of the recorded instruments that gave rise to such fees.\n (c) The system for the electronic submission of consolidated real\nproperty transfer forms shall be designed so that upon the successful\nelectronic filing of such a form and the payment of the associated taxes\nand fees, the party submitting the same shall be provided with an\nelectronic receipt in a form prescribed by the commissioner that\nconfirms such filing and payment. Such party may file a printed copy of\nsuch receipt with the recording officer when offering the associated\ninstrument for recording, in lieu of submitting to the recording officer\nthe return, report, tax and fee that would otherwise have been required\nunder this article and subdivisions one-e and three of section three\nhundred thirty-three of the real property law. The recording officer\nshall retain such receipt for a minimum of three years, unless otherwise\ndirected by the commissioner, and shall provide a copy thereof to the\ncommissioner for inspection upon his or her request.\n (d) Upon recording the instrument to which the consolidated real\nproperty transfer form pertains, the recording officer shall provide the\ncommissioner with the liber and page thereof at such time and in such\nmanner as the commissioner shall prescribe.\n (e) The provisions of this section shall not be applicable within a\ncity or county that has implemented its own electronic system for the\nrecording of deeds, the filing of the real estate transfer tax returns\nand the real property transfer reports prescribed by the commissioner,\nand the payment of the associated taxes and fees, unless such city or\ncounty shall notify the commissioner that such jurisdiction will follow\nthe system authorized pursuant to this section to be used therein, in\nwriting.\n