New York · Tax Law §§1402–1410New York State real estate transfer tax: the rate, who pays, the joint return and the 15-day deadline

New York imposes a tax on each conveyance of real property or an interest in it when the consideration exceeds $500, at $2 for each $500 or fraction of it (N.Y. Tax Law §1402(a)(1)). For a one-, two- or three-family house or an individual residential condominium unit, and for any conveyance under $500,000, the consideration excludes liens remaining on the property (§1402(a)). In a city of one million or more – New York City – an additional $1.25 per $500 applies to residential conveyances of $3 million or more and other conveyances of $2 million or more (§1402(a)(2)); the separate 1% "mansion tax" on residential sales of $1 million or more is in §1402-a. The grantor pays, and the grantee pays only as the contract provides or if the grantor fails to pay or is exempt – then both are jointly and severally liable, and the grantee can recover from the grantor (§1404(a)). Grantor and grantee file a joint return for each conveyance whether or not tax is due, with member information when an LLC buys or sells a one-to-four family residential building (§1409(a)). The tax is due no later than the 15th day after the grantor delivers the deed, which is presumed to be delivered on its date (§1410(a)). Exemptions include conveyances to or from governments, conveyances securing a debt, corrections without added consideration, and gifts (§1405).