Nyc Transfer Tax. Transfer tax nyc in resales the new york city real estate transfer base tax also known as the real property transfer tax rptt is paid by the seller. If the value of the property is 499999 or less the tax is 1 percent of the purchase price.
5 rows the nys transfer tax is 04 for properties below 3000000 and 065 for those 3000000 and. These are not marginal tax rates so your respective tax rate is. If the value of the property is 499999 or less the tax is 1 percent of the purchase price.
The tax rate is calculated at a rate of two dollars for each 500 or fractional part thereof.
If the price is above 500000 then the nyc tax is 1425 percent. Real property transfer tax rptt real property transfer tax filing extensions and the covid 19 outbreak. As outlined by the new york state department of taxation and finance a real estate transfer tax is imposed whenever a sale exceeds 500. The nyc transfer tax formally known as the real property transfer tax rptt must be paid whenever real estate transfers between two parties.