An individual residential condominium in New York City sells for $800,000. What combined New York State transfer tax and NYC RPTT is due, before any contractual allocation between the parties?
Correct Answer
B) $14,600
New York State transfer tax is $800,000 x 0.004 = $3,200. NYC RPTT for an individual residential transfer above $500,000 is $800,000 x 0.01425 = $11,400. Combined tax due is $14,600.
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Transfer tax is a tax imposed on the transfer of real property ownership, typically calculated based on the sale price and paid at closing. It is commonly expressed as a rate per $100, $500, or $1,000 of the sale price.
Annual interest is the total amount of interest charged on a loan or investment over a year.
Area calculation involves determining the square footage or acreage of a property using geometric formulas. Key conversions: 1 acre = 43,560 square feet, 1 mile = 5,280 feet, 1 section = 640 acres.
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