For conveyances of real property located outside New York City, file Form TP-584, Combined Real Estate Transfer Tax Return, Credit Line Mortgage Certificate, and Certification of Exemption from the Payment of Estimated Personal Income Tax, with the county clerk where the property transferred is located.In the case where the seller has the duty to pay the tax because the buyer has failed to pay, the tax becomes the joint and several liability of the seller and buyer. If the buyer doesn’t pay the tax or is exempt, the seller must pay the tax. The mansion tax (additional tax) and supplemental tax are paid by the buyer. Where the buyer has the duty to pay the transfer tax because the seller has failed to pay, the tax becomes the joint and several liability of the seller and the buyer provided that in the event of such failure, the buyer shall have a cause of action against the seller for recovery of payment of such tax by the buyer. In the case of the conveyance of residential real property, if the transfer tax is paid by the buyer pursuant to a contract between the buyer and seller, the amount of tax shall be excluded from the calculation subject to tax. However, if the seller doesn't pay the tax, or is exempt from the tax, the buyer must pay the tax. The base tax and additional base tax are paid by the grantor (seller), and such tax shall not be paid directly or indirectly by the grantee (buyer) except as provided in a contract between seller and buyer. The rates are published in Form TP-584-NYC-I, Instructions for Form TP-584-NYC. 25% and 2.9% based on the purchase price. The tax rate is an incremental rate between. A supplemental tax on the conveyance of residential real property, or interest therein, when the consideration is $2 million or more.An additional base tax of $1.25 for each $500, or fractional part thereof, when the consideration for the entire conveyance of property other than residential real property is $2 million or more and.A tax of $1.25 for each $500, or fractional part thereof, when the consideration for the entire conveyance of residential real property is $3 million or more ( additional base tax).Tax is computed at a rate of two dollars for each $500, or fractional part thereof, of consideration.Īn additional tax of 1% of the sale price ( mansion tax) applies to residences where consideration is $1 million or more.īeginning on July 1, 2019, certain conveyances of real property or interests therein located in New York City (other than conveyances made pursuant to a binding written contract entered into on or before April 1, 2019) are also subject to the following taxes:
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