A revised New York State Department of Taxation and Finance (6/25) version of Form TP-584 (and TP-584-NYC) incorporates changes to the real estate transfer tax, notably exempting conveyances of real property made for open space, parks, or historic preservation purposes to qualifying not-for-profit organizations from the additional mansion tax, effective on or after May 9, 2025.
Key changes in the 6/25 version include:
· Exemption Update: Part 3 letter L. of the form is added to reflect the new exemptions for specific conservation and preservation-related transfers, reducing the tax liability (specifically the “mansion tax” or additional tax) for these transactions.
· Purpose: The updates ensure compliance with new state legislation aiming to facilitate the protection of open space and historic sites.
· NYC Specifics: Similar updates are reflected in Form TP-584-NYC, which covers NYC-specific transfer tax requirements.
Certain county clerks are requiring the use of the new form as of 2/28/26.