Transfer Taxes (NYS RETT, Mansion Tax, NYC RPTT)
New York State imposes a real estate transfer tax on conveyances of real property when consideration exceeds a statutory threshold, computed at a rate expressed per $500 of consideration; New York State also imposes a "mansion tax" for certain residential transactions at and above specified price thresholds. New York City separately imposes a Real Property Transfer Tax (RPTT) with different rate schedules depending on residential vs. non-residential categories and price levels, and it applies to certain economic-interest transfers as defined by NYC rules.
- Where it applies
- New York City
- When it comes up
- Closing
- Property types
- Residential Sales; also Commercial Sales in NYC (RPTT)
In practice
The state transfer-tax framework also describes additional NYC-related taxes for certain high-consideration NYC conveyances and references form instructions (for example, TP-584-NYC) for rate schedules and applicability detail.
Read more in the Knowledge Base
- Transfer Tax Variations by County and Municipality in New YorkSellers
- Selling Through an LLC or TrustSellers
- New Development Resale Strategy in NYCSellers
- Net Proceeds OptimizationSellers
- Net Proceeds Modeling Under Multiple Tax ScenariosSellers
Related terms
- Agency Disclosure
- Appraisal
- Attorney Review Period
- Best and Final Offer
- Earnest Money Deposit
- Mortgage Contingency
- Offer (Purchase Offer)
- Property Condition Disclosure Statement
General information, not legal, tax or financial advice.