Sale Transfer Tax for Sellers

$2.00 per $500 of purchase price (.4%)
Including 1, 2, 3 family residential dwellings, single unit coopers or single unit condomitniums

New York City

 

ResidentialRateCommercialRate
$500,000 and less1%$500,000 and less1.425%
More than $500,0001.425%More than $500,0002.625%

Mt. Vernon

ResidentialRateCommercialRate
Any amount1%Any amount1%

1% of purchase price with a $100,000 exemption (first $100,000 of purchase price is exempt, therefore subtract $100,000 from the purchase price then calculate the 1%).

Peconic Bay

ResidentialRateCommercialRate
Any amount2% (paid by the purchaser)Any amount2% (paid by the purchaser)

Exemptions for Peconic Bay

  • Shelter Island, South Hampton and East Hampton: $250,000 for improved property and $100,000 for unimproved property
  • For more information on exemptions for first time homebuyers in the towns of Southampton, East Hampton and Shelter Island.
  • Southold and Riverhead: $150,000 for improved property and $75,000 for unimproved property
  • The applicable exemption amount is subtracted from the purchase price; then calculate the 2% tax.

Yonkers

ResidentialRateCommercialRate
Any amount1% (paid by the purchaser)N/AN/A

Including 1, 2, 3 family residential dwellings, single unit co-ops or single unit condos.

Payment due date for the NYC-RPT is 30 days after delivery. The New York State Transfer Tax and Mansion Tax is due 15 days after delivery. Penalty for late payment.

The delivery date is presumed to be the date shown on the instrument.

Mortgage Tax for Buyers

ResidentialRateCommercial (not 1, 2, 3 family or condo)Rate
Loan amount less than $500,0002.05%Loan amount less than $500,0002.05%
Loan amount less than $500,000 The borrower pays 1.80% minus $30.00 if the property is 1-2 family and the loan is $10,000 or more.* The lender pays .25% if the property is a 1-6 family. The borrower pays the entire amount.
$500,000 and more2.175%$500,000 and more2.80%
The borrower pays 1.925% minus $30.00 if the property is 1-2 family and the loan is $10,000 or more.* The lender pays .25% if the property is a 1-6 family. The borrower pays the entire amount.

Orange, Putnam, Dutchess, Nassau and Suffolk

ResidentialRateCommercialRate
Any amount1.05%Any amount1.05%
The borrower pays .80% minus $30.00 if the property is 1-2 family and the loan is $10,000 or more.* The lender pays .25% if the property is a 1-6 family. The borrower pays the entire amount.

Rockland

ResidentialRateCommercialRate
Any amount1.30%Any amount1.30%
The borrower pays 1.05% minus $30.00 if the property is 1-2 family and the loan is $10,000 or more.* The lender pays .25% if the property is a 1-6 family. The borrower pays the entire amount.

Westchester (except Yonkers)

ResidentialRateCommercialRate
Any amount1.30%Any amount1.30%
The borrower pays 1.05% minus $30.00 if the property is 1-2 family and the loan is $10,000 or more.* The lender pays .25% if the property is a 1-6 family. The borrower pays the entire amount.

Yonkers

ResidentialRateCommercialRate
Any amount1.80%Any amount1.80%
The borrower pays 1.55% minus $30.00 if the property is 1-2 family and the loan is $10,000 or more.* The lender pays .25% if the property is a 1-6 family The borrower pays the entire amount.

* For mortgages less than $10,000, the mortgage tax is .30% less than the regular applicable rate.

A .25% exemption is permitted pursuant to Sec. 253 of the Tax Law for transactions involving 1-6 family dwellings where the lender is a natural person. This exemption does not apply to vacant land.

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