A real estate agent in Syracuse is preparing a closing statement for a property sale. The property is located in Onondaga County (outside New York City) and is selling for $425,000. Which statement about the transfer tax obligations is correct?
Correct Answer
A) Only New York State transfer tax of $1,700 applies; no additional local transfer taxes are due
For properties outside New York City, only the New York State transfer tax applies at $0.40 per $100. For $425,000: $425,000 ÷ $100 = 4,250 units × $0.40 = $1,700. No additional NYC transfer tax applies to properties outside the five boroughs.
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All of the following transactions would be subject to New York State transfer tax at $0.40 per $100 of consideration EXCEPT:
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