A Queens condominium sells for $380,000. Which statement is correct about NYC RPTT, before any contractual allocation of a closing cost?
Correct Answer
B) The RPTT amount due is $3,800 at the 1% individual-residential rate, and the grantor is normally liable.
For an individual residential transfer of $500,000 or less, NYC RPTT is 1%. $380,000 x 0.01 = $3,800. Queens is in NYC, and the grantor is normally liable for the tax.
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