New York State Real Property Transfer Tax

The New York State Real Property Transfer Tax is a fee imposed when real estate changes ownership. When a property is sold, the seller typically pays this tax, which is calculated based on the sale price of the property. The tax rate is generally $2 for every $500 of the sale price, though there may be additional rates for higher-value properties. This tax helps fund various state programs and services. It’s important for sellers to factor this cost into their financial planning when selling real estate in New York.