Conveyance Tax

Here at Shmoop, we recognize that there are all sorts of taxes. We make fun of a serious subject because no one likes it when an unaccountable group of people (let's call them "the government") takes your money for doing nothing when you conduct business with another party.

Conveyance tax is another way that governments soak Americans. It's a tax on the transfer of property. The taxes are taken as a percentage of the sale price. These taxes are collected at the local, county, and state levels.

For example, New York state charges a 0.4% conveyance tax on people selling property. The City of New York charges an added 1%, or 1.425% transfer tax.

So, let’s say you sell a condominium in New York City for $1.5 million. You’ll pay a 0.4% tax to the state of $6,000 and a 1.425% transfer tax of $21,375. That brings the total tax bill to 1.825%, or $27,375.

Isn’t doing business with the government fun?