A buyer's attorney is reviewing the purchase contract for a $650,000 condo in the Bronx. What NYC transfer tax rate should be included in the closing cost estimate?
Correct Answer
C) 1.425%
Since the property price of $650,000 exceeds $500,000, the 1.425% NYC transfer tax rate applies. The Bronx is part of NYC and subject to the city's transfer tax structure.
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More Ny Tax Law Questions
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A real estate broker is advising a client who owns property in both Manhattan and Westchester County. The client asks about transfer tax differences. What should the broker explain about NYC transfer tax?
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