A co-op apartment in Staten Island sells for $275,000. Calculate the NYC Real Property Transfer Tax (RPTT) owed on this transaction (statutorily paid by the seller).
Correct Answer
B) $2,750
NYC RPTT on residential transfers of $500,000 or less is 1% of consideration; $275,000 × 1% = $2,750. The seller (grantor) is statutorily responsible for the tax.
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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?
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A buyer's agent is preparing a net sheet for a client purchasing a $750,000 condo in Manhattan. The client asks about the difference between state and city transfer taxes. What should the agent explain about NYC transfer tax?