A property in Rochester, NY is being sold for $275,000. The buyer is also purchasing personal property (furniture and appliances) for an additional $5,000 as part of the same transaction. What is the New York State transfer tax due?
Correct Answer
D) $1,100
New York State transfer tax applies only to the real property portion of the transaction, not personal property. The tax is calculated on $275,000 only: $275,000 ÷ $100 = 2,750 units × $0.40 = $1,100.
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