CY 2015 Real Property Transfer Tax Report Highlights
The Department of Finance recently released the New York City Real Property Transfer Tax (RPTT) report for calendar year 2015 showing an all-time high RPTT liability of $2.587 billion. The total amount of transfer taxes levied on residential property transactions was $639 million and the total amount for commercial transactions was $1.948 billion.
The RPTT is imposed on transfers where the consideration exceeds $25,000 and is usually paid by the seller. The RPTT rate applied to home sales is 1 percent of the taxable consideration if $500,000 or less, and 1.425 percent if the taxable consideration is more than $500,000. Commercial transfers are taxed at the same threshold but at the rates of 1.425 percent and 1.625 percent respectively. It should be noted that New York State also imposes a separate transfer tax.
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