A commercial property in Syracuse sells for $875,000. The buyer assumes an existing mortgage of $325,000 and pays $550,000 in cash. What is the New York State transfer tax on this transaction?
Correct Answer
D) $3,500
New York State transfer tax is calculated on the total consideration (full sale price), not just the cash paid. $875,000 ÷ $100 = 8,750 units. 8,750 × $0.40 = $3,500.
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Sarah is selling her home in Rochester, New York for $180,000. At closing, she notices the New York State transfer tax on her settlement statement. Who is responsible for paying this transfer tax?
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Under New York Tax Law, the state transfer tax of $0.40 per $100 applies to all of the following transactions EXCEPT: