Bulletin: NY000220

Dear Associates:

1. The New York State Department of Taxation and Finance will require the use of an updated Form IT 2663 on sales or transfers taking place after December 31,2003 but before January 1, 2005. The form is available at the Department website at

http://www.tax.state.ny.us/pdf/2004/inc/it2663_2004.pdf

The existing Form IT 2663 will continue to be accepted after December 31, 2003 for those deeds executed and delivered on or before that date.

2. Effective January 1, 2004, Schuyler County will impose the additional mortgage tax at the rate of $.25 per $100.00 secured by the mortgage. If the mortgage creates a lien on real property principally improved or to be improved by a one or two family residence or dwelling, the first $10,000.00 of principal secured by the mortgage is not subject to the additional mortgage recording tax.

Therefore, as of January 1, 2004, the rate for mortgage recording tax in Schuyler County will be $1.00 for each $100.00 secured by the mortgage, less a credit of $25.00 for mortgages secured by property improved or to be improved by a one or two family dwelling.