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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.

Background

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.

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