NYC & NYS Transfer Tax Calculator for Sellers

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NYS Seller Transfer Tax
NYC Seller Transfer Tax ($)
NYS Buyer Mansion Tax
Total Taxes (%)
Total Taxes ($)
Seller Pays ($)
Buyer Pays ($)
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Glossary

NYC Transfer Tax

The NYC Transfer Tax is a seller closing cost of 1% for sales below $500k and 1.425% for sales of $500k or more. Higher rates apply for commercial transactions and multifamily properties with 4 or more units. In addition to the NYC Transfer Tax, sellers in NYC must also pay New York State Transfer Taxes. The combined NYC and NYS Transfer Taxes are the second largest closing cost for sellers aside from broker commissions.

Updated NYS Transfer Tax rates for NYC reflective of changes to the New York Tax Law Adopted in 2019.

NY State Transfer Tax

The New York State Transfer Tax is 0.4% for sales below $3 million and 0.65% for sales of $3 million or more. The higher rate of 0.65% kicks-in at a lower threshold of $2 million for commercial transactions and residential properties with 4 or more units. Prior to the New York Tax Law amendments in 2019, the NYS Transfer Tax was previously a fixed 0.4% regardless of the sale price. The New York State Transfer Tax is authorized by New York Consolidated Laws, Tax Law – TAX § 1402.

Updated NYS Transfer Tax rates for NYC reflective of changes to the New York Tax Law Adopted in 2019.

Mansion Tax

The New York City Mansion Tax is a progressive buyer closing cost which ranges from 1% to 3.9% of the purchase price on sales valued at $1 million or more. The Mansion Tax itself consists of 8 individual tax brackets, with the lowest rate of 1% applying to purchases at or above $1 million and less than $2 million. The highest Mansion Tax rate of 3.9% applies to purchases of residential property valued at $25 million or more. Prior to the 2019 update, the Mansion Tax was a fixed rate of 1% for all purchases of $1 million or more.

Updated NYC Mansion Tax rates for buyers effective April 2019.
Disclaimer: Hauseit’s NYC & NYS Transfer Tax Calculator for sellers provides estimates that are meant to be illustrative and used for reference purposes only. Exact closing costs in NYC will vary per transaction. Please consult the closing statement your real estate attorney will provide you for your exact closing costs. Hauseit and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. The services marketed on Hauseit.com are provided by licensed real estate brokers and other third party professional service providers. Hauseit LLC is not a licensed real estate broker nor a member of any multiple listing service (MLS).
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