 - In the last five years of the real estate boom (2002-2007), the real property transfer tax and the mortgage recording tax have been a windfall for the New York city and state, accounting for more than $4 billion in combined revenues last year.
The real property transfer tax imposes a levy on people or businesses selling property, who must pay up to 2.6% of the sale price to the city. The state has a similar tax, which takes in less than 1% of each transaction. The city and state also impose a mortgage recording tax. Depending on the type of property and its location, the taxes can range from 75 cents to $2.75 for each $100 of debt secured by the mortgage.
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