The tax rate is one percent of the consideration. A Mansion Tax is imposed on each conveyance of residential real property when the consideration for the entire conveyance is one million dollars or more and the premises is being used in whole or in part as a one, two or three-family house, or a condominium.Affidavits are available at no fee in the County Clerk's office to claim this exemption or by clicking on the link below:Īffidavit Claiming Senior Citizen Exemption from Transfer Tax A reduction in the transfer tax from $4.50 per five hundred dollars to $2.00 per $500 is available to senior citizens aged 62 or older who own and occupy the property, which must be a one or two-family dwelling, for at least one year prior to the sale. The TP584 Tax Affidavit is required to be filed in duplicate. The rate is a total of $4.50 per $500 of consideration.
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