A seller transfers a Manhattan condominium for $850,000. Under NYC's Real Property Transfer Tax (RPTT), what is the total NYC RPTT owed at closing (statutorily imposed on the grantor)?
Correct Answer
A) $12,112.50
For residential transfers over $500,000, the NYC RPTT rate is 1.425% of consideration. $850,000 × 1.425% = $12,112.50. The tax is imposed on the grantor (seller) by statute, though parties may contract otherwise.
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Jennifer is purchasing a $2.8 million penthouse in Manhattan. Her attorney mentions that in addition to the New York State mansion tax, there may be additional NYC transfer taxes. Which statement correctly describes the tax obligations for this transaction?
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Sarah is purchasing a cooperative apartment in Brooklyn for $450,000. Her attorney explains the various taxes due at closing. Which statement about NYC transfer tax on this transaction is correct?