Every NYC home sale includes a city transfer tax known as the Real Property Transfer Tax, or RPTT. Whether you’re buying or selling in Staten Island or Brooklyn, you need to understand how it’s calculated so there are no surprises at the closing table.

What RPTT Actually Is

The NYC Real Property Transfer Tax is charged on property transfers over 25,000 dollars. Rates depend on property type and sale price.
According to the NYC Department of Finance:

• Residential properties 1 million dollars or less are taxed at 1 percent.

• Residential properties over 1 million dollars are taxed at 1.425 percent.

• Co-ops are treated the same as residential sales.
  (Source: NYC DOF RPTT Guide, nyc.gov)

Who Pays It

In most NYC transactions, including Staten Island and Brooklyn, the seller pays the RPTT.
Exceptions include:

• Certain new-construction deals

• Some estate or trust transfers

• Deferred tax exchanges

How RPTT Affects Your Closing

• It increases the seller’s closing costs.

• It can affect net proceeds and pricing strategy.

• If the buyer is assuming responsibility for RPTT in negotiation, it must be documented clearly in the contract.

• RPTT must be filed and paid before the deed can be recorded, so delays or mistakes can hold up closing.

Understanding RPTT helps both sides prepare accurate bottom-line numbers before entering contract.

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Joseph Ranola | Five-Star Staten Island & South Brooklyn Realtor® (30 + Google reviews)
Associate Broker · Matias Real Estate | Founder · Bridge & Boro Team
Serving 103xx and 11209 / 11214 / 11228 | $25 M + closed volume
📞 917-716-1496 | ranolarealestate.com