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How will the adopted 2020 NY Budget affect Real Estate Buyers and Sellers?

The 2020 New York budget bill has added two provisions which will impact the current real estate market in the Five Boroughs.

New York State transfer tax rates change for five borough sales applicable to

1-3 Family, condo, and co-op sales for $3 million or more
Commercial Sales for $2 million or more
All other sales remain at the old rate of 0.40%

Mansion tax rates have changed from 1% to a percentage rate based upon the sales price.

The act takes effect on July 1, 2019. It applies to conveyances closing on or after July 1, 2019. It does not apply to conveyances with contracts of sale entered into on or before April 1, 2019 even if it closes after July 1, 2019.

Original article by Pro National Title, reprinted with permission.

Author Susan Radzilowicz

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