A Guide to Transfer & Mortgage Taxes
Real Estate Taxes in New York State are complex. The chart below contains the tax amounts–residential and commercial–for Transfer Taxes and the Mortgage recording tax, including any local differences by county.
NEW YORK STATE TRANSFER TAX – ALL COUNTIES (Usually paid by the Seller):
$4.00 per $1,000.00 of Consideration (or $2.00 per $500.00 of Consideration)
REAL PROPERTY TRANSFER TAX (NYC) – (Usually paid by the seller):
1 – 3 Family Home, Co-op or Condominium: $500,000.00 or less 1.00% of Consideration Over $500,000.00 1.425% of Consideration
All other Properties (4 – 6 Family, multi-residential, commercial and vacant lot): $500,000.00 or less 1.425% of Consideration Over $500,000.00 2.625% of Consideration
RPT – Yonkers:
Tax Rate is 1.50% of total consideration and the tax is payable by the seller.
RPT – Mount Vernon:
Tax Rate is 1% of consideration in excess of $100,000.00 and the tax is payable by the seller.
RPT – Suffolk County:
Southold, East Hampton, South Hampton, Riverhead, and Shelter Island phased in local transfer taxes effective March 1st, 1999. Generally, 2% payable by the buyer, but there is a different deductible for improved and unimproved, and it varies for each town.
MANSION TAX – All Counties (Usually paid by the Purchaser):
Tax rate is 1% of total consideration and is effective for all 1- 2 family properties where consideration is $1,000,000.00 or more.
**MORTGAGE TAX – NYC: **
1 – 3 Family dwellings where the consideration is: $499,999.99 or less Rate is 2.05%
If Bank gives Affidavit (253) to exempt them from .25% tax, then homeowner only pays 1.80%, instead of the 2.05% Rate $500,000.00 or more Rate is 2.175%
NYC – If consideration is below $10,000 – Rate is 1.75% (1 or 2 Family) (With no $30.00 deduction)
**All other properties: **
$499,999.99 or less Rate is 2.05% $500,000.00 or more Rate is 2.80%
Please note that on 1 to 6 family dwellings, the lender contributes 0.25% to the above tax. One or Two Family Dwellings benefit from a deduction of 0.30% of first $10,000.00 of the mortgage ($30.00).
**MORTGAGE TAX – OUTSIDE NYC: **
Dutchess 1.05% Suffolk 1.05% Nassau 1.05% Sullivan 1.00% Orange 1.05% Ulster 0.75% Putnam 1.05% Westchester 1.30% Rockland 1.30% Yonkers 1.80%
Please note that with one to six family dwellings, the lender contributes 0.25% of the above tax unless otherwise exempt. Borrower may be responsible for the entire mortgage tax.
One or two family dwellings benefit from deduction of 0.30% of first $10,000.00 of the mortgage ($30.00) for those counties served by the MTA (Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, Westchester (including Yonkers)).