August 6, 2020

Moving out of New York City? Beware of New York’s Real Estate Transfer Tax

By Kelly Artz, Manager, Tax & Business Services

Moving out of New York City? Beware of New York’s Real Estate Transfer Tax State & Local Tax

As a result of the COVID-19 pandemic, which reached its height in New York this past April, homeowners are now considering leaving the overpopulated areas of New York City and moving to the neighboring suburbs. If you are thinking about making this move, it is important to consider whether or not you’ll be subject to New York’s Real Estate Transfer Tax, to avoid surprises at closing. The tax was recently changed for property bought and sold in the New York City area after June 30, 2019.

Prior to June 30, 2019

Before the changes made last year, New York’s Real Estate Transfer tax consisted of the following:

Base Tax