The New York State Real Estate Transfer Tax
Of all the New York seller costs, the state transfer tax is the one almost everyone pays — and the one most sellers forget to budget for. Here's how it actually works.
Off Market Investors is a family-owned cash buyer based in Glen Cove, New York. Call and you'll reach us directly — not a call center. Here is the transfer tax in plain terms.
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What it is and who pays
The New York State real estate transfer tax is charged when a deed is recorded, and the seller (the grantor) pays it out of the sale proceeds. The rate is $2 for every $500 of the price — that's 0.4%. On a $600,000 Long Island home, that's about $2,400.
How it's filed
The tax is reported on Form TP-584, filed with the county clerk where the property sits, generally within 15 days of the deed. Your attorney or title company normally handles the filing and payment at closing.
Exemptions and who else might pay
Some conveyances are exempt or reduced (for example, certain transfers involving government bodies or qualifying situations). And while the seller is normally responsible, if the seller is exempt the buyer may pay instead — but the tax is always due one way or another. Check your specific situation with your attorney.
- Find your sale price — the transfer tax is based on the total consideration in the deed.
- Estimate it at $2 per $500 (0.4%) of the price.
- Confirm whether any exemption applies to your conveyance.
- Your attorney or title company files Form TP-584 with the county clerk and pays at closing.
- Confirm the exact figure on your settlement statement.
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General information only, not legal or tax advice. Confirm the current rate and any exemption with the New York State Department of Taxation and Finance.