What can I expect the transfer tax to be on a sale of a house for $400K in Mahopac, NY?

Asked by Laura, Tarrytown, NY Sat Apr 5, 2008

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Michael Trin…, Agent, Mahopac, NY
Sat Apr 5, 2008
Laura being that your profile says you are a home buyer, are you under the impression that you as the buyer will be paying the $4/ $1000 ($1,600) transfer tax? Is the home owner requiring the buyer to pay? That should not really be the case unless it is new construction.
1 vote
Geraldine "G…, Agent, Jefferson Valley, NY
Wed Mar 11, 2009
The transfer tax is $4.00 per thousand so on a home with a purchase price of $400,000. It would be $1600.00
0 votes
Donna Bruno…, Other Pro, Briarcliff Manor, NY
Sun Apr 6, 2008
HI!

NYS Transfer Tax is $4 for every $1000 of purchase price
0 votes
Raffay Abid, , Hicksville, NY
Sat Apr 5, 2008
- New York State Documentary Stamps (NYS RPT) 0.0040 $400,000.00 $1,600.00 in putnam county
0 votes
Gail Gladsto…, Agent, 11743, NY
Sat Apr 5, 2008
In Long Island, we pay $4 per $1000 of sales price; not sure if that amount is statewide or countywide; but it will certainly give you an idea. Also, in Long Island, the SELLER pays, not the buyer.
Web Reference:  http://GailGladstone.com
0 votes
Michael Trin…, Agent, Mahopac, NY
Sat Apr 5, 2008
I am not sure what your bank is referring too unless they calling it something else but I think he is referring to transfer tax. I put a call into my banker and will try to get you an answer. As far as your closing costs you will have a little over 1% mortgage tax in NYS so if you take out a $350,000 loan expect to pay a little more than $3,500. Title search could be $2,000-$4,000. Are you escrowing taxes? Meaning you want to pay them monthly with your mortgage? if so expect to pay probably 6 months up front at closing of the years total taxes so maybe $4000 (guessing the house is around $8,000) in taxes. Lawyer is $1,000-$1,5000. Mortgage broker/bank, etc maybe $4,000 fees?

I just want to make sure you are prepared for the closing cost that are involved.
Web Reference:  http://www.MikeTrinch.com
0 votes
Laura, Home Buyer, Tarrytown, NY
Sat Apr 5, 2008
But do you know what a "tax stamp" is? My bank says there is one in New York and I would expect to pay $2800 on a $350K house. Are they completely wrong? Thanks Mike for your help! I really appreciate this, I just don't want any surprises.
0 votes
Michael Trin…, Agent, Mahopac, NY
Sat Apr 5, 2008
If it is listed with an agent then find out from him/her if it is for sale by owner then make sure you ask your real estate attorney, chances are you will not be paying the transfer tax but the 1st thing you should do is call your lawyer to make sure and if he sees it in the contract from the seller's attorney then make sure you tell him to take it out. If you need any other help just let me know. Mike@MikeTrinch.com
Web Reference:  http://www.MikeTrinch.com
0 votes
Laura, Home Buyer, Tarrytown, NY
Sat Apr 5, 2008
It is not new construction. Is this the same thing as a "tax stamp"? Also, we got an accepted offer, but I did not mention anything about the transfer tax. Before we sign a contract, should I make sure they pay it?
0 votes
David Hovsep…, Agent, Somers, NY
Sat Apr 5, 2008
Laura,

The transfer tax is $4 for every $1000 so in your example, a seller would be responsible for $1600 in transfer tax on a sale of a house for $400K.

Hope this helps.

Dave Hovsepian
Houlihan Lawrence Mahopac
0 votes
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