Real Property Transfer Taxes: State and City (NY)

Summary

This practice note discusses real property transfer taxes in New York. This practice note addresses both the New York State transfer tax and also the New York City transfer tax and highlights any pertinent differences. This practice note explains the imposition of the taxes and authority to tax. This practice note also explains which transactions are subject to the transfer taxes, how the taxes are calculated and paid, and when exemptions are available. This practice note provides valuable guidance on how to properly calculate such taxes and the forms required for compliance with such taxes to help you properly advise your clients.