A townhouse in Brooklyn sells for exactly $500,000. What is the NYC transfer tax due?
Correct Answer
A) $5,000
Properties selling for exactly $500,000 fall into the lower tax bracket and are taxed at 1%. $500,000 × 1% = $5,000. The higher 1.425% rate only applies to properties over $500,000.
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More Ny Tax Law Questions
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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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A Queens condominium sells for $380,000. Which statement is correct about NYC RPTT, before any contractual allocation of a closing cost?
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A commercial building in the Bronx sells for $1,200,000. What NYC RPTT rate and amount apply to this all-other transfer, before any separate state tax?