Real Property Transfer Taxes and Mansion Tax Rate Changes affecting New York City goes into effect July 1, 2019.
The NYS 2019/2020 budget includes increases in Real Property Transfer Taxes and Mansion Tax. Currently, the increases only affect real estate transactions in New York City beginning on July 1, 2019. (If there is a written contract entered into on or before April 1, 2019 that can be verified by independent evidence, then the increases do not apply).
In addition, it is important to note that while Mansion Tax is paid by the grantee, if the grantee fails to pay the tax, the tax shall now be the joint and several liability of the grantor and the grantee.