NYC Property Transfer Tax Assessment Reinstated by City Tribunal

Only a portion of a conveyance of real estate in Queens among related entities was exempt from New York City transfer tax, the appeals division of the city tax tribunal ruled in an opinion released Monday.

The New York City Tax Appeals Tribunal’s three commissioners reversed an administrative law judge’s 2024 opinion canceling an assessment of about $107,000 in real property transfer tax, penalties, and interest on Don Rick Associates LLC’s conveyance of property to 105-02 Forest Hills LLC. The ALJ’s characterization of the city finance department’s position was “internally contradictory, diametrically opposed to the stipulated facts, and is not ...