Is a primary residence-mixed use property taxed as a residential property or commercial property when sold in NY?

[vela168]

Main residence over store, is it considered a residential property or a commercial property?  The taxes for property types differ for each under NYC and NYS transfer taxes.  Are there other taxes or new tax changes?

[JBedford]

Hi, @vela168 , thanks for the question! This is an uncommon situation, so it is not something that I have dealt with directly. However, upon research it appears that mixed-use properties are treated as residential for the purposes of NY transfer tax. 

Hope this helps, please let me know if this raises additional questions! 

[vela168]

Thanks JBedford!