Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Paying Taxes

As part of the New York State 2020 budget, the state Senate and Assembly adopted legislation increasing the real estate transfer tax on certain conveyances of real property. The legislation generally applies to conveyances made after July 1, 2019.


New York State generally imposes a transfer tax on conveyances of real property located in New York State and on conveyances of a controlling interest in an entity that owns real property in New York State. The tax is currently imposed at a 0.4 percent rate on the transferred consideration, which is generally the amount paid or required to be paid for the purchase of the property that is subject to the tax. The grantor is generally liable to pay the tax, but if the grantor either failed to pay the tax or is exempt from the tax, the grantee is liable to pay the tax.

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at customercare@alm.com


ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.