There is a Real Estate Transfer Tax on the sale of all real property in the City of Yonkers. This tax is 1.5% of the selling price and the seller is required to pay the tax. No tax is required if a sale is $25,000 or less.
The tax is due and payable to the City of Yonkers, within seven (7) days after delivery of the deed by the grantor to the grantee but before the recording of such deed. A return must be filed by both the grantor and the grantee whether or not a tax is due and although the consideration for the deed is $25,000 or less.
Please click on link for additional information regarding penalties, late fees and payment methods.
Real Estate Transfer Tax FORMS below:
Affidavit of Exemption (if claiming an exemption pursuant to § 15-64 (B) of the City’s Code, notarize and submit supporting documents)
Transfer Tax Receipt (after Yonkers issues a receipt, party must file with the Office of the Westchester County Clerk to have deed recorded)