A duplex property in Buffalo sells for $165,000. Calculate the New York State transfer tax due at closing.
Correct Answer
D) $660
New York State transfer tax is $0.40 per $100 of consideration. $165,000 ÷ $100 = 1,650 units. 1,650 × $0.40 = $660.
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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:
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Agent Maria is preparing closing documents for a property sale in Westchester County. The contract states that the seller will pay all transfer taxes. Which transfer taxes will the seller be responsible for paying?