Transfer and Mortgage Tax Rates
| 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 | NA | 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 1% For NYC Only $1M to > $2M = 1% $2M to > $3M = 1.25% $3M to > $5M = 1.5% $5M to > $10M = 2.25% $10M to > $15M = 3.25% $5M to > $20M = 3.5% $20M to > $25M = 3.75% $25M + = 3.9% | 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 |
| 1-3 Family Residential Condo or Co-op Unit $3M + | $2 per $500 continuing lien deduction allowed | 1.425% | Less than $500,000 = 2.05% | 1.05% Westchester 1.30% Rockland 1.30% Yonkers 1.80% Less $30 for 1 & 2 Family |
|
| All other propery 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% Less $30 for 1 & 2 Family |
| All other property $!M to > $2M | $3.25 per $500 continuing lien deduction NOT 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 | N/A | 2.65% | 2.80% | 1.05% Westchester 1.30% Rockland 1.30% Yonkers 1.80% |
| Payment due date | 15 days after delivery | 15 days after delivery | 30 day 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
- Town of Gardiner – 1.25% of consideration (Note: there is an exemption to the extent of the median sales price of residential real property in Ulster County which is currently $320,000.00. The grantee is primarily liable for the tax but the grantor is secondarily liable.
- Town of Marbletown – 1% of consideration (Note: there is an exemption to the extent of the median sales price of residential real property in Ulster County which is currently $320,000.00. The grantee is primarily liable for the tax but the grantor is secondarily liable.
- 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* – 2.5% tax less exclusion of $400,000 if improved, $100,000 if unimproved, paid by grantee
– Southold* – 2.5% tax less exclusion of $200,000 if improved, $75,000 if unimproved, paid by grantee
– Riverhead – 2% tax less exclusion of $150,000 if improved, $75,000 if unimproved, paid by grantee
There is NO exemption for transfers greater than $2,000,000.00 - 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.
- All fees are subject to change. Please contact Freedom Land Title Agency for an accurate title invoice.