Home Selling in 11229>Question Details

Barbie, Home Seller in 11229

How much transfer tax I have to pay when I sell my 1-family house in Brooklyn, NY? The selling price is $600,000

Asked by Barbie, 11229 Thu Oct 7, 2010

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New York State is $2400, City is $8600, and $50 for service fee for escrow.
1 vote Thank Flag Link Wed Oct 13, 2010
Barbie, if you just google NYC transfer tax, you will get your answer, however I will confirm that on your selling price, the 1.825% is the correct amount. Seeing as we now must disclose this on a Good Faith Estimate to any buyer taking out a mortgage who is purchasing a new construction, sponsor sale, foreclosure or short sale, we have to know it. If you are already in contract, or are on your way and you know who will be respresenting you, you can definitely confirm with them. So, the correct answer is actually $10,950.
1 vote Thank Flag Link Sun Oct 10, 2010
Providing the sales price is $499,999.99 and below, the New York City Transfer Tax is 1% of the gross sales. If the property sales price is greater than $500,000.00 then the transfer tax will be calculated at 1.425%
0 votes Thank Flag Link Fri Aug 15, 2014
You asked below, about copy of deed--you can acquire copies at your local County Clerk's Office, or ask the attorney who handled the closing--also see links....
0 votes Thank Flag Link Sat Dec 18, 2010
How can i get house deed copie?
0 votes Thank Flag Link Sat Dec 18, 2010
Without a doubt your accountant and attorney are the professionals to consult.

Best regards,
Bonnie Chernin and Dave Rogoff
Fillmore Real Estate Branch #19

917-593-4068 (CELL)

0 votes Thank Flag Link Tue Oct 12, 2010
Barbie, the exact amount for transfer tax on the sale of single-family house for $600,000 is $11,150.


David Zybin
Broker/ Owner
Nord-East Realty Group, LLC
0 votes Thank Flag Link Sun Oct 10, 2010
Since NY requires an attorney for your closing, it is best and most accurate to verify all fees with the attorney. Short of that, a call to the Brooklyn County offices clerk of the court can also tell you the local and state taxes required at sale from the seller. Each local jurisdiction sets these fees, coupled with the state government.
The figures mentioned by others seem to vary slightly, and I have not closed a loan in Brooklyn for two years, so my knowledge may be outdated. Jim Ryan, Home Savings of America, 703 591 5626 ext 419.
0 votes Thank Flag Link Fri Oct 8, 2010

For real property (house or condo), you pay 1.425% if the sales price is over $500K to New York City (1% if $500K or less), and .4% to New York State - 1.85% total paid on a $600,000 selling price for a house.

1.85% of $600,000 is $11,100.

Nancy Teague, SVP
Brown Harris Stevens
0 votes Thank Flag Link Thu Oct 7, 2010
For an accurate answer as it applies to you personally, do consult with your tax professional and or attorney.
0 votes Thank Flag Link Thu Oct 7, 2010
Good answer from Mitch Feldman. All information should be checked by an attorney as well as you accountant. If I can help in any way contact me with any questions.
0 votes Thank Flag Link Thu Oct 7, 2010
Dear Barbie:

On a one family $600,000.00 sale in Brooklyn you will have to pay New York City transfer tax of 1.425% of the sales price which is $8,550.00. You also will have to pay New York State transfer tax which equates to $4.00 per thousand of sales price, $2,400.00. You most likely will be paying a Property Condition Disclosure fee of $500.00 and your attorney.

If there is a real estate agent helping you with the sale you will also have to pay their fee. In my opinion it is well worth paying the agents fee as they will most likely bring you a much higher sales price so as to justify their fee (I do that every day).

You should also talk to your accountant to find out what your capital gains tax burden may be. Most people selling their primary residence in Brooklyn and in your situation will pay NO capital gains tax, but you have to make sure with your accountant, or if you want contact me and I can go through that with you.

You can also read more on this topic in my Brooklyn Real Estate Info Blog here:

If I can be of further assistance please let me know. Good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Thu Oct 7, 2010
Hi Barbie, in NY you had to pay 1% $ 6000 transfer tax! Good luck
0 votes Thank Flag Link Thu Oct 7, 2010
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