Real Property Transfer Tax

You must pay the Real Property Transfer Tax (RPTT) when you sell, grant, assign, transfer or surrender real property in New York City. This includes selling or transferring at least 50 percent of ownership in a corporation, partnership, trust or other entity that owns or leases property. It also includes transfers of shares in cooperative housing.

You must pay RPTT if the sale or transfer is more than $25,000. This includes property transferred from the government to a non-government entity. You also pay RPTT when land and buildings in a cooperative are transferred to a cooperative housing corporation.

Entities exempt from the tax

• The United States Government and its agencies
• New York State, its agencies and political subdivisions
• A foreign government or its representatives, but only if the property is used for diplomatic or consular purposes

If a government entity transfers property to a non-government entity, the non-government entity must file a return and pay the tax.

Property transfers exempt from the tax but must be reported

A deed, instrument or transaction:

• To or from the United Nations or any other international organization where the US is a member
• To or from a nonprofit organization 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 only as security for a debt or to return such security
• From an agent to their principal or from the principal to their agent
• Given by an executor as outlined in a will. However, a deed given by an executor in connection with a sale of real property is taxable
• That changes the form of ownership but keeps the same beneficial ownership

Additional information

• Create the NYC-RPT Real Property Transfer Tax Return online via ACRIS for properties in Manhattan, the Bronx, Brooklyn and Queens. Use the paper return for properties in Staten Island only.
• Pay the tax within 30 days after the transfer and file the RPTT return at the time of payment. Even if the transfer is not subject to tax, or the tax is zero, you must still file the return within 30 days after the transfer.