New York City
Department of Finance
Real Property Transfer Tax Unit
345 Adams Street, 5th Floor
Brooklyn, NY 11201
http://www.ci.nyc.ny.us/finance
WhatÕs inside?
Smoke Detector Affidavit
for one-and two-family
dwellings. Page
Form NYC-RPT (Real Property
Transfer Tax Return). Page
Instructions. Page
Real Estate Tax OwnerÕs
Registration Card. Page
Water and Sewer Customer
Registration Form and
Instructions. Page Who is required to file
a Real Property Transfer
Tax Return?
See page
What is the rate of the tax?
See page
Where & when do I have
to file?
See pages and
Who is exempt from
the tax?
See page
NYC - RPT
Forms and Instructions
1
2
13
18
20
13
14
17 16
16
FINANCE
NEW
lYORK THE CITY OF NEW YORKDEPARTMENT OF FINANCE
AFFIDAVIT OF COMPLIANCE
WITH SMOKE DETECTOR REQUIREMENT
FOR ONE- AND TWO-FAMILY DWELLINGS
State of New York )
) SS.:
County of )
The undersigned, being duly sworn, depose and say under penalty of perjury that they are the grantor and grantee of
the real property or of the cooperative shares in a cooperative corporation owning real property located at
That the Premises is a one or two family dwelling, or a cooperative apartment or condominium unit in a one- or
two-family dwelling, and that installed in the Premises is an approved and operational smoke detecting device in
compliance with the provisions of Article 6 of Subchapter 17 of Chapter 1 of Title 27 of the Administrative Code of
the City of New York concerning smoke detecting devices;
That they make affidavit in compliance with New York City Administrative Code Section 11-2105 (g). (The
signatures of at least one grantor and one grantee are required, and must be notarized).
These statements are made with the knowledge that a willfully false representation is unlawful and is punishable as
a crime of perjury under Article 210 of the Penal Law.
NEW YORK CITY REAL PROPERTY TRANSFER TAX RETURNS FILED ON OR AFTER FEBRUARY
6th, 1990, WITH RESPECT TO THE CONVEYANCE OF A ONE- OR TWO-FAMILY DWELLING, OR A
COOPERATIVE APARTMENT OR A CONDOMINIUM UNIT IN A ONE- OR TWO-FAMILY DWELLING,
WILL NOT BE ACCEPTED FOR FILING UNLESS ACCOMPANIED BY THIS AFFIDAVIT.
Street Address Unit/Apt.
Borough Block Lot
New York,
(the "Premises"); , ,
Name of Grantor (Type or Print)
Signature of Grantor Signature of Grantee
Name of Grantee (Type or Print)
Sworn to before me
this date of 19 Sworn to before me
this date of 19
1
Affidavit of Compliance with Smoke Detector Requirement for One and-Two Family Dwellings
FINANCE
NEW lYORK THE CITY OF NEW YORKDEPARTMENT OF FINANCE
GRANTOR t
GRANTEE t
PROPERTY LOCATION t
CONDITION OF TRANSFER t See Instructions
Name
Grantor is a(n):
qindividual q partnership (must complete Schedule 3) Telephone Number (check one) qcorporation qother _______________________
Permanent mailing address after
transfer (number and street)
City and State Zip Code
EMPLOYER IDENTIFICATION NUMBER SOCIAL SECURITY NUMBER
OR
l
l
l
l
l
l
LIST EACH LOT SEPARATELY . ATTACH A RIDER IF ADDITIONAL SPACE IS REQUIRED Address (number and street) Apt.
Borough Block Lot# of Square Assessed Value
No. Floors Feet of Property
l DATE OF TRANSFER TO GRANTEE :
l PERCENTAGE OF INTEREST TRANSFERRED :%
l l
Name
Grantee is a(n):
qindividual q partnership (must complete Schedule 3) Telephone Number (check one) qcorporation qother _______________________
Permanent mailing address after
transfer (number and street)
City and State Zip Code
EMPLOYER IDENTIFICATION NUMBER SOCIAL SECURITY NUMBER
OR
l
l
l
l
l
l
lCheck (3) all of the conditions that apply and fill out the appropriate schedules on pages 5-11 of this return. Additionally, Schedules1 and 2 must be completed for all transfers.
a. n
n.....Arms length transfer
b.
n n.....Transfer in exercise of option to purchase
c.
n n.....Transfer from cooperative sponsor to cooperative corporation
d.
n n.....Transfer by referee or receiver (complete Schedule A, page 5)
e.
n n.....Transfer pursuant to marital settlement agreement or divorce decree
f.
n n.....Deed in lieu of foreclosure (complete Schedule C, page 6)
g.
n n.....Transfer pursuant to liquidation of an entity (complete Schedule D, page 6)
h.
n n.....Transfer from principal to agent, dummy, strawman or
conduit or vice-versa (complete Schedule E, page 7)
i.
n n.....Transfer pursuant to trust agreement or will (attach a copy of trust agreement or will)
j.
n n.....Gift transfer not subject to indebtedness
k.
n n.....Gift transfer subject to indebtedness
l.
n n.....Transfer to a business entity in exchange for an interest in the business entity
(complete Schedule F, page 7)m.
n n.....Transfer to a governmental body
n.
n n.....Correction deed
o.
n n.....Transfer by or to a tax exempt organization (complete Schedule G, page 8).
p.
n n.....Transfer of property partly within and partly without NYC
q.
n n.....Transfer of successful bid pursuant to foreclosure
r.
n n.....Transfer by borrower solely as security for a debt or a transfer by lender solely to return
such security
s.
n n.....Transfer wholly or partly exempt as a mere change of identity or form of ownership.
Complete Schedule M, page 9)
t.
n n.....Transfer to a REIT or to a corporation or partnership controlled by a REIT.
(Complete Schedule R, pages 10 and 11)
u.
n n.....Other transfer in connection with financing (describe): _________________________
____________________________________________________________________
v.
n n.....Other (describe): ______________________________________________________
____________________________________________________________________
tDO NOT WRITE IN THIS SPACE t FOR OFFICE USE ONLY
l RETURN NUMBER s
l DEED SERIAL NUMBER s
l NYS REAL ESTATE TRANSFER TAX PAID s
NYC
RPT
NEW YORK CITY DEPARTMENT OF FINANCE
REAL PROPERTY TRANSFER TAX RETURN(Pursuant to Title 11, Chapter 21, NYC Administrative Code)
TYPE OR PRINT LEGIBLYIf the transfer involves more than one grantor or grantee or a partnership, the names,
addresses and Social Security Numbers or Employer Identification Numbers of all
grantors or grantees and general partners must be provided on Schedule 3, page 3.
2
R
Form NYC-RPTPage 2
COMPLETE THIS SCHEDULE FOR ALL TRANSFERS AFTER COMPLETING THE APPROPRIATE SCHEDULES ON PAGES 5 THROUGH 11. ENTER "ZERO " ON LINE 11 IF
THE TRANSFER REPORTED WAS WITHOUT CONSIDERATION .
1. Cash..............................................................................................................................................l1.
2. Purchase money mortgage ...........................................................................................................l2.
3. Unpaid principal of pre-existing mortgage(s) ................................................................................l3.
4. Accrued interest on pre-existing mortgage(s) ...............................................................................l4.
5. Accrued real estate taxes .............................................................................................................l5.
6. Amounts of other liens on property ...............................................................................................l6.
7. Value of shares of stock or of partnership interest received .........................................................l7.
8. Value of real or personal property received in exchange..............................................................l8.
9. Amount of Real Property Transfer Tax and/or other taxes or expenses of the grantor which
are paid by the grantee .................................................................................................................l9.
10. Other (describe):_____________________________________________________________l10.
11.TOTAL CONSIDERATION(add lines 1 through 10 - must equal amount entered on line 1
of Schedule 2) (see instructions) ..................................................................................................l11.
SCHEDULE 1 - DETAILS OF CONSIDERATION t
See instructions for special rules relating to transfers of cooperative units, liquidations, marital
settlements and transfers of property to a business entity in return for an interest in the entity.
1 Total Consideration (from line 11, above) ......................................................................................l1.
2. Excludable liens (see instructions).................................................................................................l2.
3. Consideration (Line 1 less line 2)...................................................................................................l3.
4. Tax Rate (see instructions) ............................................................................................................l4.
%
5. Percentage change in beneficial ownership (see instructions) .....................................................l5. %
6. Taxable consideration (multiply line 3 by line 5) ...........................................................................l6.
7. Tax (multiply line 6 by line 4) ......................................................................................................l7.
8. Credit (see instructions) .................................................................................................................l8.
9. Tax due (line 7 less line 8) (if the result is negative, enter zero)....................................................l9.
10. Interest (see instructions)...............................................................................................................l10.
11. Penalty (see instructions)...............................................................................................................l11.
12. Total tax due (add lines 9, 10 and 11) ...........................................................................................l12.
13. Filing Fee .......................................................................................................................................l13.
25 00
14.Total Remittance Due (line 12 plus line 13) .................................................................................l14.
SCHEDULE 2 - COMPUTATION OF TAX t
Payment Enclosed Pay amount shown on line 14 - See Instructions A. Payment
3
a. n
n .......... 1-3 family house
b.
n n .......... Individual residential condominium unit
c. n
n .......... Individual cooperative apartment
d. n
n .......... Commercial condominium unit
e.
n n .......... Commercial cooperative
f.
n n .......... Apartment building
g.
n n .......... Office building
h.
n n .......... Industrial building
i.
n n .......... Utility
j.
n n .......... OTHER. (describe):
_____________________________
Check box at LEFT if you intend to record a document related to this transfer. Check
box at RIGHT if you do not intend to record a document related to this transfer.
_________________________________________________________
REC. NON REC.
a.
n n ......................................... Fee ................................................. n
n
b. n
n ......................................... Leasehold Grant ............................ n
n
c. n
n ......................................... Leasehold Assignment or Surrender ........... n
n
d. n
n ......................................... Easement ...................................... n
n
e. n
n ......................................... Development Rights ...................... n
n
f. n
n ......................................... Stock .............................................. n
n
g. n
n ......................................... Partnership Interest ....................... n
n
h. n
n ......................................... OTHER. (describe): ....................... n
n
________________________________
l TYPE OF PROPERTY (3) l TYPE OF INTEREST (3)
EMPLOYER IDENTIFICATION NUMBER
SOCIAL SECURITY NUMBER
Form NYC-RPTPage 3
NOTE If additional space is needed, attach copies of this schedule or an addendum listing all of the information required below.
GRANTOR(S)/PARTNER(S)
NAME
PERMANENT MAILING ADDRESS AFTER TRANSFER
CITY AND STATEZIP CODE
OR
EMPLOYER IDENTIFICATION NUMBER
SOCIAL SECURITY NUMBER NAME
PERMANENT MAILING ADDRESS AFTER TRANSFER
CITY AND STATEZIP CODE
OR
EMPLOYER IDENTIFICATION NUMBER
SOCIAL SECURITY NUMBER NAME
PERMANENT MAILING ADDRESS AFTER TRANSFER
CITY AND STATEZIP CODE
OR
EMPLOYER IDENTIFICATION NUMBER
SOCIAL SECURITY NUMBER NAME
PERMANENT MAILING ADDRESS AFTER TRANSFER
CITY AND STATEZIP CODE
OR
EMPLOYER IDENTIFICATION NUMBER
SOCIAL SECURITY NUMBER
GRANTEE(S)/PARTNER(S)
NAME
PERMANENT MAILING ADDRESS AFTER TRANSFER
CITY AND STATEZIP CODE
OR
EMPLOYER IDENTIFICATION NUMBER
SOCIAL SECURITY NUMBER NAME
PERMANENT MAILING ADDRESS AFTER TRANSFER
CITY AND STATEZIP CODE
OR
EMPLOYER IDENTIFICATION NUMBER
SOCIAL SECURITY NUMBER NAME
PERMANENT MAILING ADDRESS AFTER TRANSFER
CITY AND STATEZIP CODE
OR
EMPLOYER IDENTIFICATION NUMBER
SOCIAL SECURITY NUMBER NAME
PERMANENT MAILING ADDRESS AFTER TRANSFER
CITY AND STATEZIP CODE
OR
SCHEDULE 3 - TRANSFERS INVOLVING MULTIPLE GRANTORS AND/OR GRANTEES OR A PARTNERSHIP t
4
Form NYC-RPTPage 4
I swear or affirm that this return, including any accompanying schedules, affidavits and attachments, has been examined by me and is, to the best of my
knowledge, a true and complete return made in good faith, pursuant to Title 11, Chapter 21 of the Administrative Code and the regulations issued thereunder.
Sworn to and subscribed to
before me on this ___________ day
of ___________________, _______.
______________________________
Signature of Notary
_____________________________EMPLOYER IDENTIFICATION NUMBER OR
SOCIAL SECURITY NUMBER
_____________________________
Name of Grantor
_____________________________
Signature of Grantor
_____________________________EMPLOYER IDENTIFICATION NUMBER OR
SOCIAL SECURITY NUMBER
_____________________________
Name of Grantee
_____________________________
Signature of Grantee
GRANTOR
Notary's
stamp
or seal Notary's
stamp
or seal
Sworn to and subscribed to
before me on this ___________ day
of ___________________, _______.
______________________________
Signature of Notary
GRANTEE
GRANTEE :To ensure that your property and water/sewer tax bills are sent to the proper address you
must complete the Registration forms included in this packet. Owner's Registration Cards
can also be obtained by calling the Department of Finance at (718) 935-9500.
GRANTORÕS ATTORNEY t
GRANTEEÕS ATTORNEY t
CERTIFICATION t
Name of AttorneyTelephone Number
( )
Address (number and street) City and State Zip Code
EMPLOYERSOCIAL
IDENTIFICATIONSECURITY
NUMBERNUMBER OR
Name of AttorneyTelephone Number
( )
Address (number and street) City and State Zip Code
EMPLOYERSOCIAL
IDENTIFICATIONSECURITY
NUMBERNUMBER OR
5
Form NYC-RPTPage 5
The consideration for a transfer by a referee or receiver under foreclosure or execution is the amount bid for the property or
economic interest therein and the costs paid by the purchaser, plus the amount of any pre-existing mortgages, liens or other
encumbrances remaining on the property after the transfer, whether or not the underlying indebtedness is assumed. N
O
T
E
1. Was this transfer the result of a court ordered sale pursuant to foreclosure or execution? (3) .......................... n
n YES n
n NO If " YES ," complete lines 2a through 2f below. If " NO," complete line 3 below.
2a. Status of grantee: (3)
n
n Nominee of plaintiff n
n Plaintiff in foreclosure action n
n Assignee of plaintiff n
n Transferee of successful bidder
n
n Other (describe): ______________________________________________________________________________________________
2b. Priority of mortgage foreclosed upon:
á n n first n
n second n
n third or other
2c. Amount of foreclosure judgment .................2c.
2d. Price bid by grantee (enter here and on Schedule 1. See instructions) ............................................2d.
2e. Costs paid by grantee (enter here and on line 10, Schedule 1) ..........................................................2e.
2f. Amount of remaining mortgages, liens or other encumbrances (enter here and on
Schedule 1. See instructions) ..............................................................................................................2f.
3. If the answer to line 1 above is "
NO", state the reason for this transfer:_______________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
$
SCHEDULE A - TRANSFER BY REFEREE OR RECEIVER t
A. Name and address of
cooperative housing corporation: ___________________________________________________________________________________
___________________________________________________________________________________ Zip Code: __________________
B. 1) Is this an initial transfer of shares from either a cooperative housing corporation or a sponsor? (3) ............................
n
n YES n
n NO
2) If" YES ,"enter the date the NYC Real Property Transfer Tax was paid on the transfer of land
and/or building to the cooperative housing corporation ................................................................
If this initial transfer is more than 2 years from the above date, enter the date the first of these
initial transfers was made ..............................................................................................................
C. Is this a transfer of an individual unit in a housing company organized and operating pursuant to the
provisions of articles two, four, five, or eleven of the Private Housing Finance Law? (3) .....................................................
n
n YES n
n NO
If" YES ,"you are not subject to the Real Property Transfer Tax. However, you must file a return.
M
O
N
T
HD
A
YY
E
A
R
M
O
N
T
HD
A
YY
E
A
R
CREDIT CALCULATION
1. Enter the amount of NYC Real Property Transfer Tax paid on conveyance of underlying real
property to cooperative housing corporation .........................................................................................1.
2. Enter the number of shares transferred in this transaction ...................................................................2.
3. Enter the total number of outstanding shares of the cooperative housing corporation including
any shares held by the corporation .......................................................................................................3.
4. Amount of credit (divide line 2 by line 3 and multiply the result by line 1. Enter here and
on line 8, Schedule 2) ...........................................................................................................................4.
SCHEDULE B - TRANSFER OF SHARES OF STOCK IN A COOPERATIVE HOUSING CORPORATION t
If you answered "YES ," to question B above, you may be entitled to a credit. Complete lines 1 through 4 below.
If you answered
"NO ," to question B above, you are not entitled to a credit. N O T E
6
Form NYC-RPTPage 6
SEE INSTRUCTIONS AND SCHEDULE M .
IF, PURSUANT TO THE INSTRUCTIONS , YOU ARE FILING MORE THAN ONE SCHEDULE D , IDENTIFY THE PROPERTY THAT THIS SCHEDULE D REFERS TO .
A distribution of real property or an economic interest therein within 12 months of liquidation of the distributing entity is presumed to be a
distribution in liquidation. Attach a balance sheet reflecting the grantor's assets and liabilities at the time of the liquidation.
N
O
T
E
COMPUTATION OF TAX BASE
1. Fair market value of real property or economic interest therein at the time of liquidation .....................1.
2. Amount of mortgages or other liens or encumbrances on real property or economic interest therein ..2.
3. Tax base: Compare line 1 and line 2, enter the greater of the two here and on line11, Schedule 1 .....3.
SCHEDULE D - TRANSFER PURSUANT TO PARTIAL OR COMPLETE LIQUIDATION OF CORPORATION, PARTNERSHIP OR OTHER ENTITY t
7
1. Status of grantee: (3)
n
n Mortgagee n
n Nominee of mortgagee n
n Assignee of mortgagee
n
n Other (describe):_______________________________________________________________
2. Priority of mortgage in default:
n n first n
n second n
n third or other
3. Amount of debt owed by grantor to mortgagee at time of transfer:
a. Outstanding principal (enter here and on line 3 of Schedule 1)
........................................................... 3a.
b. Accrued interest (enter here and on line 4 of Schedule 1)
................................................................... 3b.
4. Amount of mortgages, liens or other encumbrances remaining on the real property or economic
interest therein after the transfer (enter here and on Schedule 1. See instructions)
................................... 4.
A conveyance by a defaulting mortgagor to the mortgagee (or to a nominee or assignee of the mortgagee) in consideration of the cancellation of
the mortgage debt is taxable. The consideration is the amount of the outstanding mortgage debt and unpaid accrued interest, plus the amount of
any other mortgages, liens or encumbrances remaining on the property or economic interest or the underlying real property after the transfer,
whether or not the underlying indebtedness is assumed and irrespective of whether the cancellation of the mortgage was recorded. N
O
T
E
SCHEDULE C - TRANSFER IN LIEU OF FORECLOSURE t
BOROUGH BLOCK LOT ADDRESS FAIR MARKET VALUE
Form NYC-RPTPage 7
A transfer from an agent, dummy, strawman or conduit to a principal or from a principal to an agent, dummy, strawman or conduit is
exempt from the Real Property Transfer Tax. Complete questions 1 through 8 below to establish the claim of exemption. N
O
T
E
SEE SCHEDULE M AND INSTRUCTIONS .
A transfer of property or an economic interest therein to a corporation in exchange for shares of its capital stock may be
taxable, even where there is no simultaneous exchange of shares of stock for the real property or economic interest therein,
if the transfer is part of a plan to form a corporation for the purpose of holding the property or economic interest therein. A
transfer to a partnership as a contribution of partnership assets may be similarly taxable. N
O
T
E
1. Name and address of party from whom the property or
economic interest was acquired by grantor:
2. Date of acquisition:
3. Is this conveyance either a transfer from an agent to a principal or from a principal to an agent? (3) .................................
n
n YES n
n NO If" YES ,"attach a copy of agency agreement or affidavit of explanation.
4. Amount of Real Property Transfer Tax paid upon acquisition by grantor ..................................................
5. Is this transfer part of a transfer to and from a corporation for the sole purpose of acquiring mortgage financing? (3) .......
n
n YES n
n NO
6. Is this transfer to a dummy, strawman, or conduit from a principal or vice versa? (3).......................................................... n
n YES n
n NO
7. If this is a transfer to an agent, dummy, strawman, or conduit, is the grantee actively engaged in a business? (3) ............ n
n YES n
n NO
8. If the answers to questions 3, 5, 6 and 7 above are all " NO," describe the relationship of the grantor and the grantee and the purpose of the
transfer: _______________________________________________________________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
______________________________________________________________________________________________________________
1. Relationship of grantee to grantor(s) immediately after the transfer: (3)
n
n Corporation wholly owned by grantor(s) n
n Partnership consisting wholly of grantor(s)
n
n Corporation owned by grantor(s) and other(s) n
n Partnership consisting of grantor(s) and other(s)
n
n Other (describe):___________________________________________________________________________________________
2. If this transfer has more than one grantor, state the percentage of interest transferred by each grantor. (If the grantor is a partnership or
limited partnership, state the percentage of interest transferred by each individual partner or limited partner.)
Name Percentage of interest
3. Date of formation of grantee business .................................................................................................. 3.
4. Fair market value of the real property or economic interest therein at time of transfer ........................ 4.
5. Basis used for depreciation of the real property on federal tax return by the grantor before
this transfer .......................................................................................................................................... 5.
6. Basis to be used for depreciation of the real property on federal tax return by the grantee after this
transfer ................................................................................................................................................. 6.
7. Amount of mortgages, liens or encumbrances on the real property transferred ................................... 7.
8. Other consideration received from the business entity (attach schedule)............................................. 8.
9. Value of shares of stock or partnership interest received in exchange for the real property or
interest therein (line 4 less the sum of lines 7 and 8) (enter here and on line 7, Schedule 1) .............. 9.
%
%
%
SCHEDULE E - TRANSFER BY OR TO AN AGENT, DUMMY, STRAWMAN OR CONDUIT t
SCHEDULE F - TRANSFER TO BUSINESS ENTITY IN RETURN FOR AN INTEREST IN THE BUSINESS ENTITY t
8
Form NYC-RPTPage 8
NONPROFIT ORGANIZATIONS PLEASE REFER TO THE INSTRUCTIONS ÒEXEMPTIONS FROM THE TRANSFER TAX Ó
A. Name, address and Employer Identification Number (EIN) of entity with respect to which a controlling economic interest has been
transferred:
Name :
Address:Zip Code:
EIN
B. Total percentage of economic interest transferred in this transaction ................................................................................. B.
C. Total percentage of economic interest transferred by this grantor(s) or others in related transfers or pursuant to plan
(including this transaction) .................................................................................................................................................. C.
D. Total percentage of economic interest transferred by this grantor(s) or others within the preceding three years
(including this transaction) .................................................................................................................................................. D.
E. Total percentage of economic interest acquired by this grantee(s) or others in related transfers or pursuant to plan
(including this transaction) ................................................................................................................................................... E.
F. Total percentage of economic interest acquired by this grantee(s) or others within the preceding three years
(including this transaction) ................................................................................................................................................... F.
If the real property that is the subject of this transfer is owned by an entity other than the entity listed above, check (3)
the box and attach a schedule listing the name, address and Employer Identification Number of the entity. N
O
T
E
If any of the above percentages is 50% or more, complete lines 1 and 2 below
and Schedules 1 and 2. Attach a rider explaining apportionment of consideration. N O T E
COMPUTATION OF CONSIDERATION
1. Total consideration for this transfer ......................................................................................................1.
2. Amount apportioned to item of NYC real property or interest therein (see instructions) ......................2.
%
%
%
%
%
n n
SCHEDULE G - TRANSFER BY OR TO A TAX EXEMPT ORGANIZATION t
SCHEDULE H - TRANSFER OF CONTROLLING ECONOMIC INTEREST t
A transfer by or to an eligible tax exempt organization is exempt from the Real Property Transfer Tax. To be eligible, an organization must be
operated exclusively for religious, charitable or educational purposes and must provide proof of the organization's tax exempt status. If claiming tax
exempt status, please answer questions 1 and 2. Additionally, the organization must provide copies of any letters granting an IRS or New York
State sales tax exemption or New York City exemption and ATTACH AN AFFIDAVIT stating whether such an exemption remains in effect. N
O
T
E
1. Is the grantor or grantee an organization exempt from taxation pursuant to IRS Code Section 501(c)(3)? (3) ................... n
n YES n
n NO If" YES ", attach a copy of of the letter from the U. S. Treasury Department granting the exemption.
2.
Has the grantor or grantee received an exemption from sales tax from the NYS Department of Taxation and Finance? (3)... n
n YES n
n NO If" YES ", attach a copy of the letter from the NYS Department of Taxation and Finance granting the exemption.
9
Form NYC-RPTPage 9
ABCDEF
2. TOTAL CHANGE (total of column F) Enter here and on Schedule 2, line 5.
1. NAME OF BENEFICIAL OWNER
(attach rider if necessary)
RELATIONSHIP RELATIONSHIP
TO GRANTOR TO GRANTEE
%
PERCENTAGE INTEREST
BEFORE AFTER CHANGE
D minus E
%
l For each person or entity who, prior to the transaction being reported on this Schedule M, owned a beneficial interest in the property
or economic interest therein transferred, report above the percentage of beneficial interest in that real property or economic interest
therein owned by that owner before and after the transfer, and describe the relationship of each beneficial owner to the grantor and
grantee. Attach additional pages, if necessary.
l If, for any owner, the amount reported in column D is less than the amount reported in column E, enter zero in column F.
For transfers occurring on or after June 9, 1994, a transfer that represents a mere change in identity or form of ownership or
organization is not taxable to the extent the beneficial ownership of the real property or economic interest therein remains the
same.
(See instructions) ATTACH COPIES OF ALL RELEVANT DOCUMENTS.
SCHEDULE M - MERE CHANGE OF FORM TRANSFERS t
10
Form NYC-RPTPage 10
Real Estate Investment Trust Transfers ("REIT Transfers") are taxed at one-half of the otherwise applicable rate. (NYC Administrative
Code Section 11-2102(e)) Attach a copy of the prospectus to Form NYC-RPT and write "REIT Transfer" on the top of the first
page of Form NYC-RPT. If you are filing Form NYC-RPT reporting a REIT Transfer that qualifies as a mere change in identity or form of
ownership or organization, you must also complete Schedule M.
General Information
REIT TRANSFER
A REIT Transfer is any deed or other instrument or transaction
conveying or transferring real property or an economic interest in
real property to a Real Estate Investment Trust as defined in Section
856 of the Internal Revenue Code (a 'REIT"), or to a partnership or
corporation in which a REIT owns a controlling interest immediately
following the transaction and any issuance or transfer of an interest
in a REIT or in such a partnership or corporation in connection with
such a transaction, provided either:
1. the transaction occurs on or after June 9, 1994 in connection
with the initial formation of the REIT and conditions 1(a), 2 and 3
below are met, or
2. the transaction occurs on or after July 13, 1996 and before
September 1, 2002 (or after August 30, 2002 if the transfer is
made pursuant to a binding written contract entered into before
September 1, 2002, with a REIT or a partnership or corporation
in which the REIT owns a controlling interest, and the date of
execution of that contract is confirmed by independent evidence
satisfactory to the Department), and conditions 1 (b) and 2
below are met.
For a definition of "controlling interest", see General Information for
Form NYC-RPT, "Imposition of Tax."
CONDITIONS
1 a. The value of the ownership interests in the REIT or in the
partnership or corporation controlled by the REIT
received by the grantor as consideration for the
transaction must be equal to 40 percent or more of the
excess of the value of the total consideration received
over the amount of mortgages and other liens and
encumbrances on the property or on the grantor's
economic interest in the property, other than mortgages
and other liens and encumbrances created in
contemplation of the formation of the REIT.b. This condition is the same as Condition 1(a), except that the
value of the ownership interests received as consideration
must be equal to at least 50 percent rather than 40 percent
of the excess of the total consideration received over
mortgages and other liens and encumbrances on the
property or economic interest transferred excluding
mortgages and other liens or encumbrances created in
contemplation of the transaction reported on this
Schedule R.
Use the worksheet on the following page of this Schedule to
make this determination.
2. The interests in the REIT or in the partnership or corporation
controlled by the REIT may not be transferred by the grantor or
owners of the grantor within two years following the date of the
transaction other than transfers within the two-year period
resulting from the death of an individual grantor or owner of a
grantor.
3. At least 75 percent of the cash proceeds of the initial public
offering of REIT shares must be used for the following:
a. payments on loans secured by an interest in the real
property or an economic interest therein owned directly or
indirectly by the REIT, or payments into reserves therefor;
b. capital improvements to real property owned directly or
indirectly by the REIT, or payments into reserves therefor;
c. brokerage fees and commissions, professional fees and
payments to or on behalf of a tenant as an inducement to
enter into a lease or sublease of real property owned
directly or indirectly by the REIT, or payments into reserves
therefor; or
d. payments to acquire real property or an economic interest
therein other than an acquisition that would qualify as a
REIT Transfer without regard to this condition 3.
If condition 2 or 3, where applicable, ceases to be met after this
Schedule R is filed, an amended Form NYC-RPT must be filed
and any additional tax due must be paid.
SCHEDULE R - REAL ESTATE INVESTMENT TRUST TRANSFERS t
11
Form NYC-RPTPage 11
WORKSHEET FOR CONDITIONS 1(a) and 1(b)
1.
Add lines 1, 2, 7, 8, 9 and 10 from Form NYC-RPT, Schedule 1 and enter total here..........................................................1.$ _________________
2a. Enter total number of REIT shares received ....................................................................................a. ______________
b.
Enter maximum number of REIT shares into which ownership interests may be converted ...........b. ______________
c.
Add lines a and b..............................................................................................................................c. ______________
d.
Enter offering price per share of REIT shares on the date of the transaction reported ....................d. ______________
e.
Multiply line 2c by line 2d ................................................................................................................e.______________
f.
Enter value of ownership interests received not convertible into REIT shares ................................f.______________
g.
Add lines e and f ..................................................................................................................................................................2g._________________
3. Multiply line 1 by .40 for condition 1(a) or .50 for condition 1(b) ...........................................................................................3._________________
l
If line 3 is greater than line 2g, the transaction does not qualify as a REIT transfer. DO NOT FILE THIS SCHEDULE. You must file
Form NYC-RPT and compute your tax due on Schedule 2.
l If line 3 is less than or equal to line 2g, the transaction will qualify as a REIT Transfer, provided the other conditions are met. You
should complete Form NYC-RPT substituting on line 4 of Schedule 2:
-
.5% instead of 1%;
-
.7125% instead of 1.425%;
-
1.3125% instead of 2.625%
LINE 1
Where the value of the underlying property transferred or interest
therein is used in determining the consideration for a REIT
Transfer, you may, but are not required to, report as the value of
the real property or interest therein (Form NYC-RPT, Schedule 1,
line 7), the estimated market value as determined by the
Department of Finance as reflected on the most recent Notice of
Assessment issued by the Department.
(See Statements of Audit
Procedure 93-2-GCT/RPTT, 3/1/93 and 95-1-GCT/RPTT, 7/28/95)
Add to the amount reported on line 1 the amount of any mortgages
and other liens and encumbrances created in contemplation of the
formation of the REIT in the case of condition 1(a) or in
contemplation of the transaction reported on this Schedule R in the
case of condition 1(b).
LINE 2
If the grantor received REIT shares as consideration for the
transfer, enter on line 2a the number of REIT shares received. Ifthe grantor received interests in a partnership or corporation
controlled by the REIT that may be converted into REIT shares,
enter on line 2b the maximum number of REIT shares into which
such interests may be converted and attach an explanation of the
terms of the conversion. If the grantor received interests that may
be converted into REIT shares but you believe that the offering
price for the REIT shares into which such interests may be
converted is not a proper measurement of the value of the interests
received, do not complete line 2b. Instead, attach an explanation
of the terms of the conversion and enter on line 2f the fair market
value of the interests received. If the grantor received interests in a
partnership or corporation controlled by the REIT that cannot be
converted into REIT shares at any time, enter on line 2f the fair
market value of the interests received. If you enter an amount on
line 2f, attach an explanation of the method used for determining
the value of the interests received.
I swear or affirm under penalties of perjury that the grantor has no present intention to transfer or convey the REIT shares or interests in a partnership or corporation
controlled by the REIT received by the grantor as consideration in the transaction reported on this Schedule R within two years of the date of the transfer, other than a
distribution of such shares or interests to the partners or shareholders of the grantor, and that, to the best of my knowledge, condition 3 above regarding the use of the
cash proceeds of the REIT offering will be satisfied, if applicable. I further swear or affirm that I will file an amended Form NYC-RPT and pay any additional tax due if any
such transfer or conveyance occurs within such two-year period or if condition 3 above, if applicable, ceases to be met.
Sworn to and subscribed to
before me on this ___________ day
of ___________________, _______
_____________________________
Signature of Notary
____________________________
Name of Grantor
_____________________________
Signature of Grantor ___________________________
Name of Grantee
___________________________
Signature of Grantee
GRANTOR
Notary's
stamp
or seal Notary's
stamp
or seal
Sworn to and subscribed to
before me on this ___________ day
of ___________________, _______
______________________________
Signature of Notary
GRANTEE
CERTIFICATION
Instructions for Completing Worksheet
NYC-RPT 10/99
SEE INSTRUCTIONS TO DETERMINE WHICH TAX RATE APPLIES
12
