What Property Transfers are Subject to the Tax?
RPTT applies whenever the sale or transfer is more than $25,000. This includes state or federal government-owned property transferred to a non-government entity. The RPTT must also be paid when the land and building(s) that make up a cooperative dwelling(s) are transferred to a cooperative housing corporation.
Who is Exempt from the Tax?
- The United States Government and its agencies.
- New York State, its agencies and political subdivisions.
- A foreign government, a person acting on behalf of a foreign government, or the head of a foreign government's diplomatic mission. The premises must be used exclusively for diplomatic or consular purposes. Other usage may result in the payment of tax.
If the government entity is transferring the property to a non-government entity, the non-government entity must file a return and pay the tax.
What Property Transfers are Exempt from the Tax, but Must be Reported on a RPTT Return?
A deed, instrument, or transaction:
- to or from the United Nations or any other worldwide, international organization where the US is a member;
- to or from a non-profit organization formed and operated exclusively for religious, charitable or educational purposes, or for the prevention of cruelty to children or animals;
- to any government body exempt from payment of the tax.;
- given solely as security for a debt or a deed/instrument given solely to return such security;
- from an agent, dummy, straw man, or conduit to his principal, or a deed, instrument, or transaction from the principal to his agency dummy, straw man or conduit;
- given by an executor outlined within the terms of a will. However, a deed given by an executor in connection with a sale of an interest in real property is taxable;
- that effects a mere change of identity or form of ownership or organization but only to the extent that the beneficial ownership remains the same.
- The NYC-RPT Real Property Transfer Tax Return must be created online via ACRIS for properties located in Manhattan (NY County), Bronx, Brooklyn (Kings County), and Queens. The paper return is to be used for properties in Staten Island only.
- Taxpayers must pay within thirty days after the transfer and file the RPTT return at the time of payment of the tax. Even if the transfer is not subject to tax, or the tax is zero, the return must still be filed within thirty days after the transfer.
Real Property Transfer Tax
66 John Street, 13th floor
New York, NY 10038
For further assistance, please call 311 and ask for: Department of Finance