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Joseph Lipari and Aaron S. Gaynor Joseph Lipari and Aaron S. Gaynor

In a pair of recently released finance letter rulings, FLR 19-4995 and FLR 19-4998, the New York City Department of Finance concluded that certain properties qualified for the lower rate of the City’s real property transfer tax (RPTT) applicable to residential real property. While taxpayers should rejoice at these rulings, the celebration may be bittersweet: As of July 1 of this year, the state imposed certain supplementary rates of tax (collectively referred to as the “mansion tax”) due under the state’s real estate transfer tax (RETT) with respect to residential real property transferred in New York City.

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