Changes to NY RE Taxes Begin July 2019

Changes to NY RE Taxes Begin July 2019

The following only applies to NYC

Current NYS Transfer Tax:

·        .4% of the transaction

New NYS Transfer Tax:

·        .65% for commercial transactions greater than $2M

·        .65% for residential transactions greater than $3M

Old Mansion Tax rate:

·        Over $1M                                                                                                                             1%

New Mansion Tax rates:

·        From $2M to less than $3M                                                                                             1.25%

·        From $3M to less than $5M                                                                                             1.5%

·        From $5M to less than $10M                                                                                          2.25%

·        From $10M to less than $15M                                                                                        3.25%

·        From $15M to less than $20M                                                                                        3.5%

·        From 20M to less than $25M                                                                                          3.75%

·        From $25M or more                                                                                                        3.9%

Effective Date:

This act shall take effect July 1, 2019, and shall apply to conveyances occurring on or after such date other than conveyances which are made pursuant to binding written contracts entered into on or before April 1, 2019, provided that the date of execution of such contract is confirmed by independent evidence, such as the recording of the contract, payment of a deposit or other facts and circumstances as determined by the commissioner of taxation and finance.