Real Property Transfer Tax
NYC Administrative Code Title 11, Chapter 21 (§§ 11-2101 to 11-2118)
Imposes a NYC tax on each deed or instrument transferring real property located in New York City (including a transfer of a controlling economic interest of 50% or more in an entity that owns real property, and transfers of cooperative housing shares) where the consideration exceeds $25,000. The rate is 1% for residential property (1-3 family homes, individual co-op units, individual condo units) with consideration of $500,000 or less and 1.425% if more than $500,000, and 1.425% for all other property at $500,000 or less and 2.625% if more than $500,000; the tax must be paid and a NYC-RPT return filed within 30 days after delivery of the deed.
Who must comply
Other DOF regulations
RPTT Rules (19 RCNY Ch. 23)
19 RCNY Chapter 23 (Rules Relating to the Real Property Transfer Tax)
STAR
N.Y. Real Property Tax Law § 425 (Basic & Enhanced STAR)
Coop/Condo Property Tax Abatement
N.Y. Real Property Tax Law § 467-a
Co-op/Condo Tax Abatement
N.Y. Real Property Tax Law § 467-a; N.Y.C. Admin. Code § 11-245.4; 19 RCNY Ch. 50
ICAP
N.Y. Real Property Tax Law §§ 489-aaaaaa to 489-kkkkkk; NYC Admin. Code §§ 11-268 to 11-278; 19 RCNY Ch. 36
NYC Property Tax Classes & Assessment Caps
N.Y. Real Property Tax Law Art. 18 §§ 1801-1806 (esp. § 1802 classification, § 1805 assessment increase caps)
Track this rule across your portfolio.
Pin a building and we'll surface every amendment, effective-date change, and filing deadline as it happens.