Effective December 1, 2010, the City of Peekskill has adopted Local Law No. 11 of 2010 imposing a Real Property Transfer Tax on the conveyance of real property, or an interest therein, located in whole or in part in the City of Peekskill.
The Transfer Tax will be one percent (1%) of consideration, payable by the grantor on a deed delivered on or after December 1, 2010. The tax is required to be paid within thirty days after delivery of the deed and prior to recording. The procedure for payment has not yet been determined, nor has a Transfer Tax form been made available by the city of Peekskill. Once the required form becomes available it will posted to our website.
Local Law does not contain a provision for the grandfathering of contracts of sale executed prior to December 1, 2010, therefore any transactions that occur on or after December 1, 2010 will be subject to the Transfer Tax.