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Commonly Asked Questions about Business Property Transfers

Sellers pay a combined NYC NYS Transfer Tax rate of 2.075% for sale prices of $3 million or more, 1.825% for sale prices above $500k and below $3 million, and 1.4% for sale prices of $500k or less.
In New York, the seller of the property is typically the individual responsible for paying the real estate transfer tax. However, if the seller doesnt pay or is exempt from the tax, the buyer must pay.
Transfer taxes: For every $500 of the sale price, the seller will have to pay $2 in real estate transfer tax. That means for a $750,000 sale, the transfer tax will be $3,000. There is also an extra 1% tax added for homes that sell for $1 million or more.
Who is Exempt from the Tax? A foreign government, a person acting on behalf of a foreign government, or the head of a foreign governments diplomatic mission. The premises must be used exclusively for diplomatic or consular purposes. Other usage may result in the payment of tax.
The combined NYC and NYS Transfer Tax for sellers is between 1.4% and 2.075% depending on the sale price. Sellers pay a combined NYC NYS Transfer Tax rate of 2.075% for sale prices of $3 million or more, 1.825% for sale prices above $500k and below $3 million, and 1.4% for sale prices of $500k or less.
In particular, New York City imposes a separate real property transfer tax (2.625% for commercial property; and 1% [where the consideration is below $500,000] or 1.425% [where the consideration is $500,000 or above] for residential property).
If demand is more inelastic than supply, consumers bear most of the tax burden. But, if supply is more inelastic than demand, sellers bear most of the tax burden.