Q&A
Department of Finance explains efforts to include market value on property forms
1:31:40
·
59 sec
Colette McCain-Jacques from the Department of Finance discusses their collaboration with the State to include market value information on property transaction forms.
- The Department is working with the State to add market value to the RP 5217 form
- This addition aims to help sellers realize if they're selling their property below market value
- The form modification is currently in progress, with updates to be provided upon completion
Colette McCain-Jacques
1:31:40
So one of the things that, the Department of Finance is working on now is we're working with the State.
1:31:47
So, when you go to a closing and you have to fill out all those forms, one of the forms is a RP 5217 form, which is a real property report and it's filled out for the State.
1:31:59
So, one of the things, we ask the State is to put market value on that RP 527 New York City form, So that when people are going to sign that form, because you have to sign the form, they will see what the market value actually is.
1:32:18
So they have agreed to input to include it on our form, and we're hoping this is gonna help people realize that they're selling their property way low than what it's actually worth.
1:32:30
And, we'll be happy to let you know when this is completed.
1:32:35
They're working on the form now, so we'll give you some updates on that.
