What Is The NYS And NYC Transfer Tax?
In New York City, a Real Property Transfer Tax (RPTT) is levied on all transfers of real property and co-op shares exceeding $25,000. It’s also applicable when there’s a transfer of over 50% of the ownership in a corporation that owns property. In addition to this, New York State imposes its own transfer tax on all property transfers above $500. Other states and cities have their unique rules, differing from those of New York City and New York State. The cumulative effect of all transfer taxes leads to higher closing costs for most sellers. The New York City transfer tax is a significant revenue source for the city, with an expected generation of $1.5 billion in 2015 alone.
