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Broker Report

April 2019

EDUCATION

April is the Time to Celebrate Your Fair Housing Member Benefit
Every April, REALTORS celebrate Fair Housing Month to reaffirm their continuing commitment to fair and equitable treatment for all in their search for real property. Don’t forget to remind your agents they can fulfill their license renewal continuing education requirement for fair housing training for FREE, as a NYSAR member benefit. Please share this link with all your agents, today!

GOVERNMENT AFFAIRS

Attend NYSAR Lobby Day on Tuesday, May 7 
All REALTORS are welcome to attend NYSAR’s Annual Lobby Day in the Albany Empire State Plaza (Concourse – Meeting Room 6) on Tuesday, May 7. Lobby Day provides members the opportunity to meet one-on-one with state lawmakers to discuss REALTOR issues. NYSAR will provide breakfast and lunch and lobbying materials, and will reimburse individual members up to $150 for travel and lodging expenses.
 
New regulations on Appraisal Management Companies (AMCs)
NYSAR is working with the Department of State, appraisers and AMCs on additional guidance and clarification regarding new state regulations. The regulations, which are scheduled to go into effect April 27, require AMCs to register with the Department of State in order to continue to provide appraisal and some non-appraisal services. NYSAR will provide an update following these efforts.
 
State Budget makes Tax Cap permanent; increases NYC transfer tax rates
Gov. Andrew Cuomo and state lawmakers approved a $175.5 billion spending plan and final state budget, which included measure that:

  • Make permanent the state’s 2 percent property tax cap, which NYSAR helped create in 2011.
  • Prohibit housing discrimination based on lawful source of income.
  • Create a new real estate transfer tax rate of an additional $1.25 for each $500 of consideration when the conveyance is $3 million or more on residential property in New York City, or $2 million or more on non-residential property.
  • Expand the “mansion tax” in New York City on conveyances of residential property valued at $2 million or more. New rates are broken up into seven tiers and range from an additional tax of 0.25 percent on conveyances between $2 million and $3 million, up to 2.9 percent on conveyances $25 million or more.
  • Remove the 20 percent tax deduction for pass-through businesses from its state tax code – REALTORS will still be able to claim the deduction on their federal taxes.
  • Make changes to the state’s STAR program by capping the growth of the exemption benefit to zero, unless the homeowner enrolls in the new STAR credit program, which requires taxpayers to pay all school taxes up-front and receive a check at a later date.

A final budget did not include proposals to impose a pied-a-terre tax on high-end New York City properties nor measures that would expand rent control outside of New York City.

State Assembly introduces rent reform bills
The State Assembly introduced a package of bills that would strengthen tenant and rent protections. Proposals include eliminating the major capital improvement rent increase program, eliminating vacancy decontrol, reforming preferential rent increases, capping rent control increases, and expanding rent regulations statewide. Some upstate assemblymembers recently expressed concerns with expanding rent control statewide. The Assembly will be holding public hearings in May on these issues.

RPAC

2019 Local Board RPAC Events on the Calendar 
The 2019 Spring RPAC fundraising season is under way! Local boards are really cranking up this creativity in support of RPAC this year. To view the event calendar, click here.

Pre-Lobby Day Capitol Tour & Dinner to benefit RPAC 
Enjoy an interactive haunted tour of the historic New York State Capitol building followed by a delicious dinner at the Albany Renaissance Hotel on Monday, May 6, the night before NYSAR’s annual Lobby Day. The tour begins at 5 p.m. with dinner to follow at 6:30 p.m. All proceeds to benefit RPAC. For complete details see the flyer here. PRE-REGISTRATION IS REQUIRED FOR THIS EVENT by APRIL 25.

RPAC golden anniversary umbrella now available
Celebrate 50 years of RPAC “coverage” by investing in an limited edition RPAC golf umbrella featuring RPAC’s 50th anniversary logo on white and REALTOR-blue stripe panels. The cost is a $30 RPAC investment. To order your umbrella today, click here.

Contributions are not deductible for income tax purposes. Contributions to RPAC are voluntary and are used for political purposes. You may contribute more or less than the suggested amount. You may refuse to contribute without reprisal and the National Association of REALTORS, the New York State Association of REALTORS or any of its local boards or associations will not favor or disfavor any member because of the amount contributed. 70% of each contribution is used by your state PAC to support state and local political candidates. Until your NYSAR PAC reaches its PAC goal, 30% is sent to National RPAC to support federal candidates and is charged against your limits under 2 U.S.C. 441a; after NYSAR PAC reaches its RPAC goal, it may elect to retain your entire contribution for use in supporting state and local candidates. Contributions are not deductible for income tax purposes. Contributions to RPAC are voluntary and are used for political purposes. You may contribute more or less than the suggested amount. You may refuse to contribute without reprisal and the National Association of REALTORS, the New York State Association of REALTORS or any of its local boards or associations will not favor or disfavor any member because of the amount contributed. 70% of each contribution is used by your state PAC to support state and local political candidates. Until your NYSAR PAC reaches its PAC goal, 30% is sent to National RPAC to support federal candidates and is charged against your limits under 2 U.S.C. 441a; after NYSAR PAC reaches its RPAC goal, it may elect to retain your entire contribution for use in supporting state and local candidates.  
Featured Content

The May/June Digital edition of New York State REALTOR is now available!

Learn first hand about the benefits the NYSAR Housing Opportunities Foundation offers, discover when it's a licensee's duty to cooperate, make a difference by joining a committee and/or working group, get ready for REALTOR Care Week, celebrate the life of a NYSAR past-president and much more in the May/June issue of New York State REALTOR magazine. Read the latest issue.
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