Medallion Owner, Individual

Medallion owners have a special license. This license lets you own a car that the Taxi and Limousine Commission (TLC) approves for use as a taxi. A medallion taxi is the only car that can pick up people who hail them on the street, anywhere in the City. The number of medallions in the City is limited by State law. However, you can transfer a medallion by law and resell it.

If you want to buy a medallion, you can find out if one is for sale by contacting a TLC licensed broker.

• Requirements: You must meet these rules before going to a TLC office.

• Age requirement: You must be at least 18 years old.

• License requirement: You need a valid TLC taxi driver's license.

• Permit fees:

  • The Medallion Transfer Unit will tell you about all the City and TLC taxes and fees.
  • All licenses are nontransferable, and all fees are nonrefundable.

• Accepted payment methods:

  • Money order (payable to NYC Taxi and Limousine Commission)
  • Visa
  • Mastercard
  • American Express
  • Discover

• License renewal payments: You can make license renewal payments online using the LARS (License Applications, Renewals and Summonses) system.

• Other license types: All other license types from the Taxi and Limousine Commission (TLC) need other individual operating licenses. For more information about TLC licensing and requirements:

  • Visit the NYC Business Express Index.
  • Go to one of the TLC Licensing Centers in person.

• Prerequisites and process steps: You must follow all the steps listed below. Then, visit a TLC office.
• Transfer tax and medallion purchase: You must pay a transfer tax of 5 percent to buy a medallion. You can buy a medallion or a share in a medallion. This process is complicated. It may be best to use a TLC licensed broker.
• Finding a medallion: You must find out where and how to buy a medallion. You can talk to a TLC licensed broker. Brokers have lists of clients who want to sell a medallion or shares in a medallion partnership. If you use a broker, they must be licensed by TLC. The broker will explain the process and give you the forms.
• Without a broker: If you do not use a broker, you need to contact the Medallion Transfer Unit. The process is different for each sale. It depends on if you are buying as a partnership, limited liability company, incorporated business, corporation or foreign business.
• Broker requirement: If you use a broker, they must be licensed by TLC. The broker will explain the process and give you the forms.
• Submitting documents: After you buy a medallion, you need to submit all documents to the Medallion Transfer Unit at 40 Rector St., 5th Floor, New York, NY 10006.
• Appointment: To submit an application, contact the Medallion Transfer Unit during business hours, 9 a.m. to 5 p.m., Monday through Friday, for an appointment.