|
Property Type and Transaction Value |
NYC RPT |
New York State Transfer Tax |
Mansion Tax |
Mortgage Tax (NYC) |
Mortgate Tax
(Outside of NYC),
Downstate Counties (Except Co-Op) |
|
1-2-3 Family Residential, Co-op or Condo
Unit; $500,000 or less |
1%
of the conveyance price |
$2
per $500 of conveyance price continuing lien
deduction allowed |
N/A |
2%
minus $25 for 1-2 family |
1
% minus $25 for 1-2 family. Yonkers 1.5% minus
$25 for 1-2 family |
|
1-2-3 Family Residential, Co-op or Condo
Unit; $500,001 to $999,000 |
1.425% |
$2
per $500 continuing lien deduction allowed |
N/A |
2.125% minus $25 for 1-2 family |
1%
minus $25 for 1-2 family
Yonkers - 1.5% minus $25 for 1-2 family |
|
1-2-3 Family Residential, Co-op or Condo
Unit; $1,000,000 or more |
1.425% |
$2
per $500 continuing lien deduction allowed |
1%
of sales price payable by grantee (grantor pays
if grantee is exempt) |
2.125% minus $25 for 1-2 family |
1%
minus $25 for 1-2 family
Yonkers - 1.5% minus $25 for 1-2 family |
|
All Others $500,000 or less |
1.425% |
$2
per $500 continuing lien deduction allowed |
N/A |
2% |
1%
Yonkers - 1.5% |
|
All Others $500,001 - $999,000 |
2.625% |
$2
per $500 continuing lien deduction NOT allowed |
N/A |
2.75% |
1%
Yonkers - 1.5% |
|
All others $1,000,000 or more |
2.625% |
$2
per $500 continuing lien deduction NOT allowed |
N/A |
2.75% |
1%
Yonkers - 1.5% |
|
Payment due date (delivery date is presumed
to be date shown on instrument) |
30
days after delivery |
15
days after delivery |
Same as for deed stamps |
N/A |
N/A |
|
Penalty for late payment |
5%
per month, up to 25%, plus interest |
10% penalty plus 2% per month or part therof up
to 25% |
Same as for deed stamps |
N/A |
N/A |
|
"Flip" Contract |
Paid on lower amount |
Paid on higher amount |
No
Tax |
N/A |
N/A |
Notes:
I. Mortgage for less than $10,000 - the
mortgage tax is .25% less than regular,
applicable rate
II. Mortgage made within a 12 month period of
each other shall be aggregated for mortgage tax
computation
III A .25% exemption is permitted pursuant to
Sec. 253 of the Tax Law for transactions
involving 1-6 family dwelling where the lender
is a natural person . This exemption does not
apply to vacant land.
IV. Religious corporations must pay mortgage
tax.
V. The following supplement mortgage instruments
require the submission of duplicate original 255
affidavits for recording: re-recording of
mortgage, correction mortgage, consolidation
agreement, modification agreement, extension
agreement, spreader/splinter agreement, a
mortgage given as collateral security for a
prior recorded mortgage, assignment of leases
and rents, a mortgage given pursuant to some
provision or covenant contained in a prior
recorded mortgage.
* Yonkers RPT: 1.4% tax paid by grantor/no tax
due if consideration is $25,000 or less
* Mt. Vernon RPT: 1% tax less than $100,000
exclusion, tax paid by grantee
* East Hampton, Southampton & Shelter Island:
RPT: 2% tax less exclusion of $250,000 if
improved, $100,00 if unimproved, tax paid by
grantee
* Riverhead and Southold: RPT: 2% tax less
exclusion of $150,000 if improved, $75,000 if
unimproved, tax paid by grantee |
