Municipality |
Tax Rate
|
New York State
|
Transfer Tax:
Rate is $2.00 per each $500.00 of consideration of fractional part thereof.
Payable by Grantor
Additional Tax ("Mansion Tax"):
Rate is 1% of consideration payable by the grantee on the transfer of a one, two or three family house, a condominium unit or a cooperative unit used in whole or in part as a personal residence when the total consideration is $1,000,000 or more. Taxed is imposed on that part of the total consideration which is attributable to residential real property. |
New York City |
1% if consideration is less than $500,000.
1.425% if consideration is greater than $500,000.
For The Following Transfers:
Conveyances where the real property transferred or the real property in which the economic interest transferred is a one, two or three family house, an individual cooperative apartment, an individual residential condominium unit or an individual dwelling unit in a dwelling which is to be occupied as the residence or home of four or more families living independently of each other,
and
Grants, assignments or surrenders of leasehold interests in a one, two or three family house, or an independent dwelling unit in a dwelling which is to be occupied or is occupied as the residence or home of four or more families living independently of each other.
Other Transfers:
1.425% If Consideration is $500,000 Or Less
$2.625% If Consideration Is Greater Than $500,000
Payable by Grantor |
Suffolk County/ Peconic Bay |
Chapter 114 of the Laws of 1998 authorized each town in the Peconic Bay Region (East Hampton, Riverhead, Shelter Island, Southampton, and Southold) to establish by local law a transfer tax of 2% of consideration on the conveyance of real property or an interest therein where the consideration exceeds $500. All revenue from this tax will be deposited in the applicable Town’s Community Preservation Fund. Application of the additional transfer tax was approved in each town in referendums on the November 3 election ballot. The tax will be effective April 1, 1999, except in the Town of Southold where the tax will be effective March 1, 1999. The tax applies to conveyances recorded after the effective date. However, the tax does not apply to conveyances made after the effective date of the applicable Local Law pursuant to a binding written contract entered into prior to the effective date.
- In the Towns of Shelter Island, East Hampton and Southampton, the first $250,000 of consideration for improved land is exempt. For unimproved land the first $100,000 of consideration is exempt.
- In the Towns of Riverhead and Southold the first $150,000 of consideration for improved land is exempt. For unimproved land the first $75,000 of consideration is exempt.
- The additional transfer tax must be paid to the Suffolk County Clerk at the same time that the State’s Real Estate Transfer Tax is paid. A form to accompany payment will be issued by the County Treasurer.
- The transfer tax will be in effect until December 31, 2010
- Payable by Grantee *
|
City of Yonkers |
1% of the total consideration when the consideration is in excess of $25,000 for deeds delivered on and after January 3, 2000
Payable by Grantor |
City of Mount Vernon |
1% of consideration in excess of $100,000
Payable by Grantee |
* If the Grantee does not pay the tax or is exempt from payment, the Grantor must pay the tax. The Grantor and the Grantee are jointly and severally liable for payment. |
MORTGAGE TAX RATES
Municipality |
Tax Rate
|
New York City
|
|
|
All mortgages securing less than $500,000 |
2.00% |
|
|
Mortgages on a 1-3 family dwellings, including an individual residential condominium units, securing $500,000 or more |
2.125% |
|
|
All other mortgages securing $500,000 or more
|
2.75% |
City of Yonkers |
1.5% |
Nassau |
1% |
Suffolk |
1% |
Westchester (other than City of Yonkers) |
1% |
MORTGAGE TAX RATES BY COUNTY
| COUNTIES |
Mortgage Tax Rate |
COUNTIES |
Mortgage Tax Rate |
| Albany |
1.00% |
Niagara |
1.00% |
| Allegany |
0.75% |
Oneida |
0.75% |
| Bronx |
** |
Onondaga |
1.00% |
| Broome |
0.75% |
Ontario |
0.75% |
| Cattaraugus |
0.75% |
Orange |
1.00% |
| Cayuga |
1.00% |
Orleans |
0.75% |
| Chautauqua |
1.00% |
Oswego |
1.00% |
| Chemung |
0.75% |
Otsego |
0.75% |
| Chenango |
0.75% |
Putnam |
1.00% |
| Clinton |
0.75% |
Queens |
** |
| Columbia |
0.75% |
Rensselaer |
1.00% |
| Cortland |
0.75% |
Richmond |
** |
| Delaware |
0.75% |
Rockland |
1.00% |
| Dutchess |
1.00% |
Saratoga |
1.00% |
| Erie |
1.00% |
Schenectady |
1.00% |
| Essex |
1.00% |
Schoharie |
0.75% |
| Franklin |
0.75% |
Schuyler |
0.75% |
| Fulton |
0.75% |
Seneca |
0.75% |
| Genesee |
1.00% |
St. Lawrence |
0.75% |
| Greene |
0.75% |
Steuben |
0.75% |
| Hamilton |
0.75% |
Suffolk |
1.00% |
| Herkimer |
0.75% |
Sullivan |
0.75% |
| Jefferson |
0.75% |
Tompkins |
0.75% |
| Kings |
** |
Tryon |
0.75% |
| Lewis |
0.75% |
Ulster |
0.75% |
| Livingston |
1.00% |
Warren |
0.75% |
| Madison |
0.75% |
Washington |
0.75% |
| Monroe |
1.00% |
Wayne |
1.00% |
| Montgomery |
0.75% |
Westchester |
1.00% * |
| Nassau |
1.00% |
Wyoming |
0.75% |
| New York |
** |
Yates |
0.75% |
* City of Yonkers in Westchester County mortgage tax = 1.50%
** See NYC Transfer Tax and Mortgage Tax Guide for NYC tax rates and breakdown.
NOTES:
- The lender pays .25% of the mortgage tax on 1-6 family dwellings, residential condo or coop units.
- For Counties with mortgage tax of 1% or greater: Borrowers are allowed to take a $25.00 deduction on all 1 or 2 Family, residential condo or coop units
- For Counties with mortgage tax of 1% or greater: Mortgage for less than $10,000 -the mortgage tax is .25% less than the regular applicable tax.
- FIVE BOROUGHS: Aggregate mortgage tax applies to all mortgages recorded within a twelve (12) month period of each other.
RULE OF AGGREGATION:
When recording subsequent or subordinate mortgage within a twelve (12) month period when aggregated exceeds $500,000.00, you must pay the higher mortgage tax rate on the new indebtedness and the difference between the higher mortgage tax rate and the actual mortgage tax rate previously paid on the old indebtedness.
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