How much is the NYC Real Property Transfer Tax? https://goo.gl/YeKqoT

The New York City Real Property Transfer Tax is one of the largest closing costs for home sellers in NYC. The transfer tax is levied on the transfer of all real property in New York City valued above $25,000. It is the second largest closing cost for sellers in New York City after the typical 6% real estate commission bill.

Save up to 6% in commission when selling in NYC by listing For Sale by Owner: https://www.hauseit.com/for-sale-by-owner-nyc

How much is the New York City Real Estate Transfer Tax?

For a typical one to three family home, condo or co-op apartment, the NYC Real Estate Transfer Tax is between 1% to 1.425%.

If the value is $500,000 or less, the NYC Transfer Tax is 1% of the sale price. If the value is more than $500,000, the New York City Real Estate Transfer Tax is 1.425%.

For other types of real estate transfers, the NYC Transfer Tax ranges between 1.425% to 2.625%. If the value is $500,000 or less, the NYC Transfer Tax is 1.425% of the sale price. If the value is more than $500,000, the New York City Transfer Tax is 2.625%.

It’s important to note that the New York City Transfer Tax is a separate closing cost from the 0.4% transfer tax imposed by New York State.

How much are seller closing costs in NYC? https://www.hauseit.com/closing-costs-nyc/

Who pays the Real Property Transfer Tax in New York City?

For a traditional private sale of real estate in NYC, the Real Property Transfer Tax is typically paid by the seller.

In the case of new construction or any other type of sponsor sale, the buyer typically pays both the New York City and New York State transfer taxes as well as the seller’s legal fees.

How can I reduce my closing costs as a seller in New York City?

Although it’s not possible to avoid paying the New York City and New York State transfer taxes, you can reduce or fully eliminate the largest seller closing cost which is the traditional 6% real estate commission bill.

You can save up to 6% in broker commissions by listing For Sale by Owner through Hauseit’s agent-assisted Flat Fee RLS listing service.

Don’t have time to sell For Sale by Owner in New York City? Save thousands in commission by listing with a full-service, REBNY member listing agent through Hauseit for just 1% commission.

Visit https://www.hauseit.com to learn about our reduced commission options for New York City home sellers.