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Conveyances of real property without consideration and otherwise than in connection with a sale, including deeds conveying realty as bona fide gifts.Conveyances which, without additional consideration, confirm, correct, modify or supplement a deed previously recorded.Conveyances which are or were used to secure a debt or other obligation.Who is exempt from paying New York property transfer tax?Īccording to New York state tax law, Article 31-D, Section 1449-EE, the following situations are exempt from the responsibility of paying real estate transfer tax: While in Washington D.C., the 2.2% is split between the seller and the buyer. In Maryland for example, certain first time buyers are exempt from a percentage of the total, or a portion of the property’s sale price could be excluded from taxation. Some states have a set of transfer tax laws that may include exemptions based on an individual’s buying status or income level. Whatever the situation – whether the buyer or seller pays – New York requires the full tax amount be paid. That said, if the buyer is exempt, the seller must pay. The buyer is usually responsible for the 1% additional real estate transfer tax on properties worth $1 million or more. However, if the seller doesn’t pay or is exempt from the tax, the buyer must pay. In New York, the seller of the property is typically the individual responsible for paying the real estate transfer tax. *This assumes the NYS real estate transfer tax of $2 per $500 tax rate and 1% mansion tax for properties of $1 million or more.

New York State Transfer Tax Rates Example Costs* Some states, such as North Dakota and New Mexico have no transfer tax at all.

For example, Colorado has a transfer tax rate of 0.01% while people in Pittsburgh have to deal with a 4% rate. That means a home that sells for $1 million is has a transfer tax of 1.4%. Properties with sales prices of $1 million or more are subject to an additional real estate transfer tax of 1%. For instance, the real estate transfer tax would come to $1,200 for a $300,000 home. In New York State, the transfer tax is calculated at a rate of two dollars for every $500. What is the real estate transfer tax rate in New York?