Real Estate Transfer Tax
and
Mansion Tax
NEW
YORK STATE
Real Estate Transfer Tax
and
Mansion
Tax
Real Estate Transfer Tax
See Form TP-584 and Supplemental Schedules
Tax Law, Article 31 and Part 575 of the Official Compilation of Codes, Rules and Regulation of the State of New York
Rate is $2.00 per each $500.00 of consideration of fractional part thereof
(Special Rate For Transfers to )
Tax on deeds, leasehold grants of 49 years or more, options to purchase with use and occupancy, and transfers and acquisitions of controlling interests in entities owning real property.
A deduction for continuing liens is allowed on the transfer of a one, two or three family residence (including a residential condominium unit), and otherwise when consideration is less than $500,000.
Tax must be paid within 15 days of the date of transfer or interest and penalties will be assessed. Tax is payable by the Transferor but there is Transferee liability.
Additional Tax ("Mansion Tax")
New York State Tax Law, Section 1402-a
Rate is 1% of
consideration payable by the grantee on
the transfer of a one, two or three family house, a condominium
unit or a cooperative unit used in whole or
in part as a personal residence when the total consideration is
$1,000,000 or more
Taxed is imposed on that part of the total consideration which is attributable to residential real property. No continuing lien deduction.
The tax imposed on a deed or other instrument or transaction that conveys or transfers real property or an economic interest in an entity owning real property that qualifies as a "real estate investment trust transfer" may be fifty percent of the otherwise applicable rate. See New York State Tax Law, Section 1402 (b) and Form TP-584-REIT of the New York State Department of Taxation and Finance ("Combined Real Estate Transfer Tax Return and Credit Line Mortgage Certificate for Real Estate Investment Trust Transfers").