If you are buying or selling property in New York City, the closing table is going to bring at least three different transfer taxes — sometimes five. One is local (NYC RPTT). Two are statewide (NYS base transfer tax and the mansion tax). Two more only apply inside the five boroughs above certain price points. Together they can move six figures around the table on a single deal, so it pays to know which one applies to your transaction, who is supposed to write the check, and which form gets it filed on time.
This guide is the plain-English version of NYC Real Property Transfer Tax (RPTT) plus the New York State real estate transfer tax — including the additional 2019 NYC supplemental rates and the mansion tax — with current form numbers and the phone numbers that actually get a human on the line.
What you actually pay when you sell or buy NYC property
There are two layers stacked on every NYC closing.
Layer 1 — NYC Real Property Transfer Tax (RPTT). Imposed under Title 11, Chapter 21 of the NYC Administrative Code. Applies whenever the sale or transfer is more than $25,000. It also applies to the transfer of at least 50% ownership in an entity that holds real property, and to co-op share transfers.
Layer 2 — New York State Real Estate Transfer Tax. Imposed under NY Tax Law Article 31. Applies whenever consideration exceeds $500. The state tax includes the base rate, the mansion tax (if residential and $1M+), plus two NYC-only enhancements added by the 2019 budget: an additional base tax and a supplemental tax on $2M+ residential closings.
The current rates, in one place
Per the NYC Department of Finance and the NYS Department of Taxation and Finance:
NYC RPTT — Residential (1–3 family, condo, co-op):
- Sale price $500,000 or less: 1.00% of the price
- Sale price more than $500,000: 1.425%
NYC RPTT — All other transfers (commercial, 4+ unit, etc.):
- Sale price $500,000 or less: 1.425%
- Sale price more than $500,000: 2.625%
NY State base transfer tax: $2 for every $500 (or fractional part) of consideration. That works out to 0.4%. It applies anywhere in the state once consideration exceeds $500.
Mansion tax (statewide, residential): An additional 1% of the sale price when the consideration is $1,000,000 or more. Applies to one-, two-, three-family houses, individual residential condos, and individual co-op apartments.
NYC additional base tax (effective July 1, 2019): An extra $1.25 per $500 (0.25%) when the NYC residential consideration is $3 million or more, or when the NYC commercial consideration is $2 million or more.
NYC supplemental tax (effective July 1, 2019): A sliding-scale tax on residential conveyances inside NYC of $2 million or more. The rate climbs in tiers from 0.25% to 2.9% based on the purchase price. The current schedule is published in Form TP-584-NYC-I, the instructions for the NYC version of the state transfer tax return.
Who is supposed to pay each tax
This is where contracts of sale either save you or sink you. Under New York law:
- The seller (grantor) pays the NYC RPTT, the NY State base transfer tax, and the NYC additional base tax. If the contract makes the buyer pay these, the buyer can — but for residential deals where the buyer covers the seller’s transfer tax, the IRS treats that payment as additional consideration, which feeds back into the calculation.
- The buyer (grantee) pays the mansion tax and the NYC supplemental tax.
- If either party fails to pay, the tax becomes jointly and severally the liability of both. That means the Tax Department can collect from whichever party still has assets, and the party that pays can sue the other for reimbursement.
If the seller is exempt — say, the United States, the State of New York, or a foreign government using the property for diplomatic purposes — the buyer becomes responsible for the tax even though the seller would normally pay.
The forms you need (and which one to use when)
Three forms cover almost every NYC transaction.
Form NYC-RPT — the city’s Real Property Transfer Tax return. You don’t fill it out by hand. You build the packet inside ACRIS (the Automated City Register Information System) at nyc.gov/site/finance/property/acris.page. The packet includes the return, instructions, registration forms for tax/water/sewer billing, and a smoke-detector affidavit of compliance.
Form TP-584-NYC (rev. 6/25) — the state’s combined return for any conveyance of NYC real property. Includes the credit-line mortgage certificate and personal-income-tax exemption certification. Use this version, not the regular TP-584, anytime the property is in any of the five boroughs.
Form TP-584 (rev. 6/25) — the state’s combined return for everywhere outside NYC.
If a nonresident is selling, you’ll also see Form IT-2663 (estimated income tax on the gain) or IT-2664 (for nonresident co-op unit sales). These get filed alongside TP-584 / TP-584-NYC at the time of recording.
Filing deadlines that actually matter
NYC RPTT (Form NYC-RPT): file and pay within 30 days after the transfer. Even if no tax is due, the return must still be filed.
NY State (TP-584 / TP-584-NYC): file with the county clerk where the property is located no later than the 15th day after delivery of the deed. If the deed isn’t being recorded, mail the form and payment directly to the Tax Department by the same 15-day deadline.
Miss the NYC deadline and the city imposes 5% per month on the late return (capped at 25%) plus 0.5% per month on the late payment (also capped at 25%). The combined hit for any single month can’t exceed 5%. Reasonable cause can waive the penalty, but you have to ask — and prove it.
The big exemptions
Some transfers are completely exempt; others are exempt only from the mansion tax. The list is finite — if your situation isn’t on it, the tax is due.
Fully exempt parties: the United States and its agencies, New York State and its political subdivisions, the United Nations, and foreign governments using the property exclusively for diplomatic or consular purposes. Note: when an exempt party transfers to a non-exempt party, the non-exempt party owes the tax.
Non-taxable conveyances (the most common ones residents ask about):
- Transfers used solely as security for a debt
- Mere change of identity or form of ownership where beneficial ownership doesn’t change (e.g., transferring your house from your name into your living trust)
- Transfers between an agent / straw man / conduit and the principal
- Bona fide gifts (no consideration)
- Deeds correcting or supplementing a prior conveyance, with no additional consideration
- Bankruptcy Act conveyances
- Transfers pursuant to devise, bequest, or inheritance
New, as of May 9, 2025: conveyances of real property to a tax-exempt nonprofit operated for conservation, environmental, parks, or historic preservation purposes are exempt from the mansion tax. The current TP-584 and TP-584-NYC (both rev. 6/25) reflect this exemption.
HDFC (Housing Development Fund Company) transfers can also qualify for a full or partial RPTT exemption under §11-2106(b)(9) of the NYC Administrative Code. Schedule L on the NYC-RPT covers it.
The LLC disclosure rule that has tripped up dozens of buyers
Since September 13, 2019, when an LLC is on either side of a deed transfer of a building with one to four family dwelling units, NYS will not accept TP-584 or TP-584-NYC for filing unless an enhanced member list is attached. The list must identify every member, manager, and authorized person — and if any of those members is itself an LLC or other business entity, you have to keep going up the chain until you hit natural persons. A trust, an estate, or a “doing business as” name doesn’t count as a natural person.
This catches a lot of investor purchases. If your LLC member list isn’t ready when the title company tries to record, the deed doesn’t record. Build the disclosure document before closing, not at it.
Worked example: a $1.8M Brooklyn condo
Buyer pays $1,800,000 for an individual residential condo unit in Brooklyn.
- NYC RPTT (residential, over $500K): 1.425% × $1,800,000 = $25,650 — paid by seller.
- NY State base transfer tax: 0.4% × $1,800,000 = $7,200 — paid by seller.
- Mansion tax: 1% × $1,800,000 = $18,000 — paid by buyer.
- NYC additional base tax: not triggered (residential under $3M).
- NYC supplemental tax: not triggered (residential under $2M).
Total transfer-tax cost on this deal: $50,850. Seller writes $32,850; buyer writes $18,000. Push the price to $2,000,000 and the buyer suddenly owes the supplemental tax on top of the mansion tax. Push it to $3,000,000 and the seller adds the additional base tax.
How to request a 30-day extension on the NYC RPTT
Both the NYC Administrative Code and the Rules of the City of New York let you request an extension. Three rules:
- The request must be received before the original due date.
- The maximum extension is 30 days.
- You have to send a tentative NYC-RPT prepared in ACRIS, plus full payment of the estimated tax due.
Mail the request to:
New York City Department of Finance
Land Records Division
66 John Street, 13th Floor
New York, NY 10038
Attn: RPTT Extension Request
Getting a human on the phone
NYC Department of Finance — general inquiries: Call 311 from inside NYC. From outside the city or via TTY/relay, call 212-639-9675. Available 24 hours.
NY State Department of Taxation and Finance — Real Estate Transfer Tax: Call 518-457-5181. Hours: Monday–Friday, 8:30 a.m. to 4:30 p.m.
For Staten Island filers specifically: under Section 23-09 of the Rules of the City of New York, RPTT returns for Staten Island property must be filed both electronically through ACRIS and in paper form at the Richmond County Clerk’s office.
Frequently Asked Questions
Do both buyer and seller have to sign the NYC-RPT?
Yes. If either party doesn’t sign, the unsigned party can be hit with non-filer penalties. The Department of Finance treats the missing signature as a separate violation from a late payment.
Can my attorney or title company talk to Finance for me?
Only if you’ve filed a Power of Attorney with Finance authorizing them. The POA form is on the Department of Finance website. Without it, Finance cannot legally discuss your case with anyone other than the named grantor or grantee.
Is the mansion tax based on the sale price or the assessed value?
The sale price (consideration). It is computed on the actual amount paid or required to be paid for the property, not the city’s assessment. If the buyer absorbs the seller’s base transfer tax in a residential deal, that absorbed amount is excluded from the mansion-tax calculation under NY Tax Law §1402.
Are co-op transfers subject to RPTT?
Yes. The transfer of co-op shares is treated as a real-property transfer for RPTT purposes. So is the original transfer of the underlying land and building from a sponsor into the cooperative housing corporation.
What if I’m transferring my property into my own LLC for liability protection?
This is usually a “mere change of identity or form of ownership” and qualifies as a non-taxable conveyance — but only if the beneficial ownership doesn’t change. If your LLC has any other members, the transfer is taxable up to the percentage of beneficial ownership that did change. Always run this past a tax professional or the Department of Finance before recording.
What’s the difference between TP-584 and TP-584-NYC?
TP-584 is the statewide form. TP-584-NYC is the NYC-specific version that includes the city’s additional 2019 transfer-tax computations. If your property is anywhere inside the five boroughs, use TP-584-NYC. The current revision of both forms is dated 6/25.
Are gifts of NYC property taxable?
For RPTT and the NY State base transfer tax, no — bona fide gifts with no consideration are non-taxable conveyances. You still have to file a return reporting the transfer. (Federal gift-tax rules are a separate matter and may apply.)
The numbers, the forms, and the deadlines worth taping to your closing folder
Form NYC-RPT (filed in ACRIS), Form TP-584-NYC rev. 6/25 for any NYC property, Form TP-584 rev. 6/25 for everywhere else in the state. NYC RPTT due within 30 days; NYS due within 15 days of delivery. NYC DOF: 311 (or 212-639-9675 from outside the city). NYS Tax — transfer-tax line: 518-457-5181. Title 11, Chapter 21 of the NYC Administrative Code; NY Tax Law Article 31.
Tax advice in this article is informational. Consult a tax professional or NYC Department of Finance for your specific situation.
