New York State has made changes to the State real estate
transfer taxes that will apply to conveyances occurring on or after
July 1, 2019. The changes generally increase the effective tax
rates for certain real estate transfers and introduce a progressive
rate structure so that higher-value transactions pay transfer taxes
at increasingly higher rates. The changes to the State transfer
taxes do not impact other transfer taxes (e.g., New York City real
property transfer taxes) that may also apply to a given
transaction.
Real Estate Transfer Tax
There are currently two New York State real estate transfer
taxes. The first is a transfer tax on each conveyance of real
property where the consideration is more than $500. This first tax,
which applies generally to all types of real property in New York,
is charged at the rate of $2 for each $500 of consideration (i.e.,
about 0.4%) and is typically paid by the seller. This existing
transfer tax is being continued under the
