§ 23-04 Real Property Situated Only Partly Within the City.
RCNY § 23-04
Where real property is situated partly within and partly without the boundaries of the City of New York the consideration subject to tax shall be such part of the total consideration as is attributable to the portion of such real property situated within the City of New York or to the economic interest in such portion. For the purpose of determining the consideration attributable to property situated within the City of New York, that part of the consideration shall be deemed subject to tax which the assessed valuation of the property situated within the territorial limits of the City of New York bears to the total assessed valuation of the entire property conveyed situated within and without the City. The assessed valuations to be used shall be those in effect at the time of the conveyance of the property. In lieu of the foregoing, the equalized assessed valuation based on the state equalization tables may be used, provided they are applied to the property situated both within and without the City of New York. To illustrate: A parcel of land situated partly within Westchester County and partly within Bronx County is conveyed by deed, dated July 15, 1983. The purchase price of the property is $200,000, subject to a first mortgage of $90,000. The assessed valuations of the property in effect at the time of the conveyance are as follows: Property situated within Bronx County$120,000Property situated in Westchester County $40,000 The following shows the computation of the consideration subject to tax: Item No.
1.Assessed valuation of property partly situated in Westchester County$40,0002. Assessed valuation of property partly situated in Bronx County$120,0003. Total assessed valuation$160,0004. Ratio of assessed valuation of property partly situated in Bronx County to total assessed valuation of property situated within and without the City of New York (Item 2 ÷ Item 3)75%5. Total consideration$200,0006. Total consideration subject to tax (Item 5 × Item 4)$150,000
