Real Estate Math
A tax imposed on the transfer of real property ownership, paid at the time the deed is recorded.
Transfer taxes are imposed by New York State and some local governments on the sale of real property. The NY state transfer tax is $2 per $500 of the sale price (0.4%). In New York City, there is an additional transfer tax of 1% for residential properties selling for $500,000 or less, and 1.425% for those selling above $500,000. The mansion tax adds an additional 1% for residential sales of $1 million or more in NYC. Transfer taxes are generally paid by the seller but can be negotiated.
Exam Tip
NY state transfer tax = $2 per $500 (paid by seller). In NYC, additional transfer taxes apply. Know how to calculate: Sale Price ÷ 500 × $2.
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Real Estate Math
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