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?
Correct Answer
A) NYC transfer tax is paid in addition to the state transfer tax
NYC transfer tax is an additional tax imposed on top of the New York State transfer tax. Both taxes are due at closing for properties within NYC. The state tax is $0.40 per $100, while NYC adds its own rate structure.
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More Ny Tax Law Questions
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