For a revocable living trust in NY City, what are reappraisal rules, transfer taxes and other fees?
In a revocable living trust for a resident of Queens County in New York City, what are the rules for transferring a house and property into the living trust? Specifically:
1- What reappraisal rules apply for transfers of real estate to a living trust where the grantor is the trustee?
2- Will transfer taxes be imposed when a person transfers real estate to a living trust?
3- Where does the Quit Claim deed need to be recorded? Are there any fees that apply?
The lawyer who handled the will can do all of this for you and it should not cost much. There will be fees, but if you do some of the steps yourself it will cut the costs down!
Good Luck!
New York State Property Tax Conference – E J McMahon (Clip 4)
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