A luxury penthouse in Manhattan sells for $2,800,000. Calculate the total NYC transfer tax due at closing.
Correct Answer
D) $39,900
For properties over $500,000 in NYC, the transfer tax rate is 1.425%. $2,800,000 × 1.425% = $39,900. This applies to all NYC properties regardless of price once they exceed the $500,000 threshold.
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More Ny Tax Law Questions
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