The tax rate and amount of tax due depends on the type of sale or transfer of property. The tax is usually paid as part of closing costs at the sale or transfer of property.
Taxed at one-half the otherwise applicable rate, if certain conditions are met. Refer to Schedule R of Form NYC-RPT for more information.
Beginning August 19, 2016, taxpayers may be eligible to claim a full or partial Real Property Transfer Tax exemption for transfers of real property, or economic interests therein, to or from Housing Development Fund Companies, or entities in which a Housing Development Fund Company owns a controlling interest (collectively known as an “HDFC Transfer”) under Section 11-2106(b)(9) of the Administrative Code of the City of New York (the “HDFC Exemption”).
Effective March 24, 2017, the NYC-RPT form has been revised to include:
For additional details on how to claim a new Real Property Transfer Tax (“RPTT”) exemption for transfers of real property subject to certain affordable housing restrictions, click here.
The NYC-RPTT packet includes the complete Transfer Tax Return and instructions, registration forms for receiving bills for real estate tax, water, and sewer, and a smoke detector affidavit of compliance. Cooperative Transfer Summary returns are separate.
If your property is located in Manhattan (NY County), Bronx, Brooklyn (Kings County), or Queens, you must create the packet of RPTT forms online using ACRIS, the Automated City Register Information System. The program will ensure all required forms and fields are completed.
If your property is located in Staten Island (Richmond County), complete the Form NYC-RPT.
The form has been revised effective March 24, 2017 for Claiming a New York City Real Property Transfer Tax Exemption for Transfers to or from Housing Development Fund Companies (HDFC).
a) If you fail to file a return when it is due, add 5% to the tax for each month or partial month the form is late up to 25%, unless the failure to pay is due to reasonable cause.
b) If you fail to pay the tax shown on the return by the prescribed filing date, add to the tax (less any payments made) 0.5% for each month or partial month the payment is late up to 25%, unless the failure to pay is due to reasonable cause.
c) The total of the additional charges in a) and b) may not exceed 5% for any one month.
Both the NYC Administrative Code and the Rules of the City of New York (ìRCNYî) permit a taxpayer to request an extension of time to file a Real Property Transfer Tax return. Extensions must be received in advance of the due date of the return, and may not be for more than 30 days.
Taxpayers who wish to apply for an extension of time must do so in writing. Requests should be sent to:
New York City Department of Finance
Land Records Division
66 John Street, 13th Floor
New York, NY 10038
Attn: RPTT Extension Request
Each request for an extension of time to file must include the following:
Yes, they both have to sign the return. If either the Grantor or Grantee has not signed the return, the party that did not sign it may have to pay penalties as a non-filer.
No. All parties have to sign the return. Any Grantor or Grantee that has not signed the return may have to pay penalties as a non-filer.
In order for anyone other than the Grantor or Grantee to discuss a case with Finance, you must file a Power of Attorney with Finance.