PROPERTY TYPE
AND
SALES PRICE
TRANSFER TAX MORTGAGE TAX
NY STATE
TRANSFER TAX
NY STATE
MANSION TAX
NY CITY
RPT TAX
NY CITY
MORTGAGE TAX
MORTGAGE TAX
(OUTSIDE NYC)
1-3 Family Residential
Condo or Co-op Unit
$500,000 or less
$2 per $500
continuing lien
deduction allowed
N/A 1.000% Less than $500,000 = 2.05%
Less $30 for 1&2 Family
1.05%
Westchester 1.30%
Rockland 1.30%
Yonkers 1.80%
Less $30 for 1&2 Family
1-3 Family Residential
Condo or Co-op Unit
$500,000.01-$999,000
$2 per $500
continuing lien
deduction allowed
N/A 1.425% $500,000 & up = 2.175%
Less $30 for 1&2 Family
1.05%
Westchester 1.30%
Rockland 1.30%
Yonkers 1.80%
Less $30 for 1&2 Family
1-3 Family Residential
Condo or Co-op Unit
$1M to > $3M
$2 per $500
continuing lien
deduction allowed
NY STATE FOR NYC ONLY 1.425% 2.175%
Less $30 for 1&2 Family
1.05%
Westchester 1.30%
Rockland 1.30%
Yonkers 1.80%
Less $30 for 1&2 Family
1% $1M to > $2M = 1%
$2M to > $3M = 1.25%
$3M to > $5M = 1.5%
$5M to > $10M = 2.25%
$10M to > $15M = 3.25%
$15M to > $20M = 3.5%
$20M to > $25M = 3.75%
$25M + = 3.9%
1-3 Family Residential
Condo or Co-op Unit
$3M +
$3.25 per $500 continuing
lien deduction allowed
1%
All other property types
$500,000 or less
$2 per $500
continuing lien
deduction allowed
N/A 1.425% Less than $500,000 = 2.05% 1.05%
Westchester 1.30%
Rockland 1.30%
Yonkers 1.80%
All other property types
$500,000.01-$999,000
$2 per $500
continuing lien
deduction allowed
N/A 2.625% $500K + = 2.80% 1.05%
Westchester 1.30%
Rockland 1.30%
Yonkers 1.80%
All other property types
$1M to > $2M
$2 per $500
continuing lien
deduction allowed
N/A 2.625% 2.80% 1.05%
Westchester 1.30%
Rockland 1.30%
Yonkers 1.80%
All other property types
$2M +
$3.25 per $500 continuing lien deduction NOT allowed
Payment due date 15 days after delivery 15 days after delivery 30 days after delivery N/A N/A
Penalties for late payment 10% penalty plus
2% per month or part
thereof up to 25%
10% penalty plus
2% per month or part
thereof up to 25%
5% per month up to 25%, plus interest N/A N/A
Miscellaneous Transfer Taxes
Columbia County - $1 per $500 of consideration, less exclusion of $150,000 for 1 family properties
Erie County - $2.50 per $500 of consideration
Mt. Vernon - 1% less exclusion of $100,000
Town of New Paltz Transfer Tax - 1.5% of the consideration, less a $245,000 exclusion (Exclusion is based on the Median sales price of residential properties located within the Town of New Paltz and is updated annually-$245,000 is the 2020 MSP)
Peconic Bay
-
East Hampton, Southampton & Shelter Island - 2% tax less exclusion of $250,000 if improved, $100,000 if unimproved, paid by grantee
-
Riverhead & Southold - 2% tax less exclusion of $150,000 if improved, $75,000 if unimproved, paid by grantee
Peekskill - 1%
Red Hook - 2%
Warwick - .75% less $100,000 exclusion for improved property, $50,000 for vacant land
Yonkers - 1.5% tax paid by grantor/no tax due if consideration is $25,000 or less
Notes
Mortgages of $10,000 or less the mortgage tax is .30% less than the regular, applicable rate.
Mortgage made within a 12-month period of each other shall be aggregated for mortgage tax computation.
A .25% exemption is permitted pursuant to Sec. 253 of the Tax Law for transactions of 1-6 family dwelling where the lender is a natural person. Does not apply to vacant land.
THE JUDICIAL TITLE INSURANCE AGENCY LLC