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Flip Tax

Flip Tax

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Despite its name, a flip tax is not a tax, but rather a fee imposed by some New York City coops any time a unit in the building is sold. Typically, the fee (often specified as a fixed percentage of the sale price) will be charged to the seller, however in some cases the buyer may be responsible for the payment.

For a coop to impose a flip tax it must be documented in the building’s offering plan. Coops without flip taxes may also enact them by amending the proprietary lease according to the rules set forth in the building’s bylaws.

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