Tag Archives: transfer tax

(US) There are two New York real estate transfer tax proposals to watch in Governor Cuomo’s proposed budget

New York Governor Andrew Cuomo introduced his FY 2018 budget proposal on January 17. The proposal includes several significant revenue-raisers, including a few that could impact the New York  real estate market. Income Tax – Sourcing of Gain From Sale of Interests in Entities Holding Co-op Shares – Currently, if an individual who is not … Continue Reading

(US) Two More Courts ‘Just Say No’ to Transfer Taxes for Fannie and Freddie

Last week, two more federal district courts dismissed suits seeking to collect transfer real estate taxes from Fannie Mae, Freddie Mac, and their conservator, the Federal Housing Finance Agency. Counties in New Jersey and Maryland had brought class action suits, arguing the government-backed mortgage guarantors failed to pay state and local real estate transfer taxes … Continue Reading

(US) Court Rules Ben Franklin Wrong: Transfer Taxes are not a Certainty for Fannie or Freddie in Pennsylvania

With cash-strapped states and counties feeling increasing budgetary pressure, lawsuits seeking to collect real estate transfer taxes from Fannie Mae and Freddie Mac are popping up all over the nation. In the wake of the economic downturn, Fannie Mae and Freddie Mac have acquired vast portfolios of properties. It’s no wonder states have their eyes … Continue Reading

Michigan Court Denies Transfer Tax Exemption to Fannie Mae & Freddie Mac: A Sweet Result for Michigan That Could Cost the Feds Millions

While those with a sweet tooth may think of Fannie May as the Chicago-based chocolate company, Fannie Mae has only brought heartburn to Michigan as Fannie and Freddie Mac claimed a federal exemption from the Michigan real estate transfer tax as to the sale of foreclosed properties – costing Michigan millions of dollars in lost … Continue Reading