An Overview Of Staten Island NY Real Estate Transfer Taxes And Who Pays Them

When properties are bought in Staten Island NY, real estate transfer taxes (sometimes called deed recording taxes) are levied. Different from annual real estate property taxes, transfer taxes are due only once at closing. It is helpful for home buyers and sellers to be familiar with what a transfer tax is and how much it may affect money needed at closing. The following is an overview of Staten Island NY real estate transfer taxes and who pays them. Staten Island NY Real Estate Transfer Taxes and Who Pays Them The transfer of real estate means a grant, sale, exchange, assignment, quitclaim, contract for sale, or other conveyance of ownership in title to real property. In Staten Island NY, buyers take on the burden of real estate transfer taxes. The sum of Staten Island NY real estate transfer taxes is based on the market value of the piece of real estate and the tax rate of . It is included as part of closing costs for buyers and is commonly required before the deed put on record. The determination of the tax is often the task of the closing agent and is noted on the settlement statement. An Overview Of Staten Island NY Real Estate Transfer Taxes The amount of tax paid is based on the applicable rate when a closing completes and the deed is put on record. From time to time property taxes may increase. Suggested increases are often a source of controversy. Check with a real estate professional for relevant details on tax rates. You may also want to consult your accountant on whether real estate transfer taxes aredeductible on your federal and/or local tax return. An overview of Staten Island NY real estate transfer taxes and who pays them, as provided above, is strictly a basic overview. Contact Gregory Diaz and Gina Guerriero (Broker/Owners) at S.I. Premiere Properties by calling 718-408-1499