Real Property Transfer Tax (RPTT)

What Property Transfers are subject to this tax?
RPTT is imposed on grants, assignments, transfers, or surrenders of real property in New York City. This includes the sale or transfer of at least a 50 percent ownership interest in a corporation, partnership, trust, or other entity that owns or leases real property; initial transfers of stock shares  in cooperative housing by the sponsor; and subsequent transfers of co-op stock.

RPTT applies whenever the consideration (amount of value) for the sale or transfer exceeds $25,000.

Who is Subject to this Tax?
Who is Exempt from this Tax?
Tax Forms and Filing Information
Tax Rates
Refunds
Legal Authority
Frequently Asked Questions
Contact Us

Who is Exempt from Both the Tax and the Requirement to File an RPTT Return? 

• The United States and its agencies, that are usually exempt from taxation.
• New York State, its agencies and political subdivisions. However, a non-governmental Grantee acquiring property from national or state governmental bodies must still file a return and pay the tax.
• 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.

However, where such governmental bodies are transferring property, the transferee must still file a return and pay the tax.

What Transactions are Exempt from the Tax, BUT Must be Reported on a RPTT Return?

A deed, instrument, or transaction:

• by or to the United Nations or any other worldwide, international organization of which the US is a member;
• by or to any 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 under the first bullet above;
• given solely as security for a debt or a deed or instrument given solely to return such security;
• from a mere 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 in accordance with 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;
• constituting a mere change of identity or form of ownership or organization but only to the extent that the beneficial ownership remains the same.

A transfer of the land and building(s) comprising a cooperative dwelling(s) to a cooperative housing corporation is not exempt.

[back to top]

Tax Forms and Filing Information
The NYC-RPT 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.

For property located in Manhattan (NY County), Bronx, Brooklyn (Kings County), or Queens the packet of RPTT forms must be created on ACRIS, the Automated City Register Information System.  The program will ensure  all required forms and fields are completed.

The paper RPTT forms are only  used when the property is located in Staten Island (Richmond County).

 File online with ACRIS
Download Paper RPTT Forms (Staten Island only)

Filing Deadlines
Taxpayers must pay the RPTT tax and file the return within thirty days after the transfer.

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.

Filing Fees
There is a $100 fee for filing the RPTT for non-deed transfers.

[back to top] 

RPTT Rates
The TYPE of sale or transfer of property and tax rate for each type determines the amount of tax due. The tax is usually paid as part of closing costs at the sale or transfer of property.

Type 

#1 Residential - A conveyance of, or the transfer of, an economic interest in:

#2 Residential - A grant, assignment, or surrender of, or the transfer of an economic interest in a leasehold interest in

Consideration

Residential Type 1 and 2:

All other transfers:

Transfers to Real Estate Investment Trusts (REITS)
Taxed at one-half the otherwise applicable rate, if certain conditions are met. Refer to Schedule R of Form NYC-RPT for more information.

[back to top]

Legal Authority
Local Law: Title 11, Chapter 21, Administrative Code
Enabling Act: Tax Law Section 1201(b)

[back to top]

Frequently Asked Questions

Is the RPTT return acceptable with only the Grantor's OR the Grantee's signature? Or, if there are multiple grantors or grantees, is the RPTT return acceptable with only the signatures of ONE grantor and ONE grantee?
NO.  If either the Grantor or the Grantee has failed to sign the return, it will not be accepted as a return filed by the party that didn't sign it. As a result, the non-signing party may be assessed appropriate penalties as a non-filer. In addition, Finance has three years from the filing of a return to assess additional tax because the non-signing party has not filed a return. This also applies to those grantors or grantees who do not sign the return for a transaction where there are multiple grantors or grantees.grantees.

Can an attorney, title company representative, or family member discuss a case with Finance on behalf of a taxpayer?
In order for anyone other than the Grantor or Grantee to discuss a case with Finance a completed legal Power of Attorney must be on file.

[back to top]

Contact the Real Property Transfer Tax Unit
Write to us:
New York City Department of Finance
Real Property Transfer Tax Unit
345 Adams Street - 7th floor
Brooklyn, New York 11201