Buying or selling property in New York involves more than agreeing on a sale price. Real estate transfer taxes can add thousands of dollars to the cost of a transaction, especially in New York City, where state and city taxes may apply to the same transfer.
The New York Real Estate Transfer Tax Calculator below helps you estimate the main transfer-tax components based on the property price, location and property type. You can use it to compare a typical residential sale with a high-value property transaction and understand which taxes may be payable by the buyer or seller.
The calculator provides an educational estimate, not a final closing statement. Special transactions, exemptions, mortgage liens, mixed-use properties and contract terms can change the amount due.
New York Real Estate Transfer Tax Calculator
Estimate New York State and NYC transfer taxes using the property price, location and property classification.
Tax breakdown
| Tax component | Estimated amount |
|---|
Estimated responsibility
| Seller-side taxes (general rule) | $0.00 |
| Buyer-side taxes (general rule) | $0.00 |
Actual payment responsibility can differ under the contract or applicable law.
What Is New York Real Estate Transfer Tax?
New York State imposes a real estate transfer tax when qualifying real property or an interest in real property is transferred for consideration exceeding $500. The tax can apply to more than a conventional deed sale: certain cooperative-share transfers, long-term leasehold transactions and transfers of controlling interests in entities that own real estate can also fall within the rules.
The standard New York State base transfer tax is $2 for every $500, or fraction of $500, of taxable consideration. This is generally equivalent to 0.4% of the taxable amount.
For example, if the taxable consideration is $750,000 and no special deduction or exception applies, the basic calculation is:
- Taxable consideration: $750,000
- Base tax rate: 0.4%
- Estimated NYS base transfer tax: $3,000
This is only the state base tax. If the property is in New York City, the city transfer tax and certain additional state taxes may also apply. A qualifying residential purchase of $1 million or more can also trigger the New York State mansion tax.
Source: New York State Department of Taxation and Finance — Real Estate Transfer Tax.
New York State vs. New York City Transfer Tax
One of the most important details when estimating transfer tax is the property’s location.
New York State transfer tax rules apply statewide. New York City also imposes its own Real Property Transfer Tax (RPTT) on qualifying transfers within Manhattan, Brooklyn, Queens, the Bronx and Staten Island.
| Tax component | When it may apply | Typical responsibility |
|---|---|---|
| NYS base transfer tax | Qualifying transfers across New York State | Seller, subject to statutory exceptions and contract terms |
| NYC Real Property Transfer Tax | Qualifying transfers within the five boroughs | Generally seller, subject to the transaction and contract |
| NYS mansion tax | Qualifying residential transfers of $1 million or more | Buyer |
| NYC additional base tax | Certain high-value NYC transfers | Seller under the general statutory rule |
| NYC supplemental tax | Qualifying NYC residential transfers of $2 million or more | Buyer under the general statutory rule |
These are general rules, not a substitute for reviewing the purchase contract and the applicable tax instructions. If the responsible party fails to pay a tax that is legally due, statutory liability may affect the other party as well.
Outside New York City, do not automatically assume that the state base tax is the only possible local transfer-related charge. Check the relevant county, city or other local authority for the property’s actual location.
Official references:
New York State Real Estate Transfer Tax Rates
The standard state base rate is $2 per $500, or fraction thereof, of taxable consideration. For ordinary positive amounts, this is generally calculated as 0.4%.
| Taxable consideration | Illustrative base tax |
|---|---|
| $250,000 | $1,000 |
| $500,000 | $2,000 |
| $750,000 | $3,000 |
| $1,000,000 | $4,000 |
| $2,000,000 | $8,000 |
| $3,000,000 | $12,000 |
These examples show the base tax only. They exclude NYC RPTT, mansion tax, additional base tax, supplemental tax and any other applicable charges.
Why taxable consideration matters
The number entered into a simple calculator is often the agreed purchase price, but taxable consideration is a legal concept. Depending on the transaction, it can include the value of certain mortgages, liens, discharged obligations or other consideration. Certain continuing liens may be deductible in specific circumstances.
The applicable treatment depends on the type of transfer and the statutory rules. If a mortgage remains on the property or the transaction is not a straightforward arm’s-length sale, ask the closing attorney to verify the taxable consideration before relying on an estimate.
NYC Real Property Transfer Tax Rates
New York City’s RPTT rate depends on the classification of the property and the value of the transfer.
For residential Type 1 and Type 2 transfers, the published rates are:
| Transfer value | NYC RPTT rate |
|---|---|
| $500,000 or less | 1.000% |
| More than $500,000 | 1.425% |
Type 1 residential transfers include one- to three-family houses, individual residential condominium units and individual cooperative apartments. Type 2 covers specified residential leasehold interests.
For other transfers, including many commercial properties and other property interests, the published rates are:
| Transfer value | NYC RPTT rate |
|---|---|
| $500,000 or less | 1.425% |
| More than $500,000 | 2.625% |
These rates apply to the relevant transfer amount under the governing rules; they are not necessarily marginal rates charged only on the portion above the threshold. Classification matters, so do not choose a residential rate simply because a building contains some residential space.
A mixed-use building, a multi-property transaction, a cooperative transaction and a transfer of an ownership interest can require additional analysis.
Official source: NYC Department of Finance RPTT rates and classifications.
What Is the New York Mansion Tax?
The New York State mansion tax is an additional tax on qualifying residential real property transfers when the consideration reaches $1 million.
Despite its name, the tax is not limited to large mansions. It may apply to qualifying houses, individual condos and residential cooperative apartments.
The general mansion-tax rate is 1% of the qualifying residential consideration. It is separate from the 0.4% NYS base transfer tax and the NYC RPTT.
For example, for a qualifying residential purchase with $1.5 million of mansion-tax consideration:
- Mansion-tax consideration: $1,500,000
- Mansion-tax rate: 1%
- Estimated mansion tax: $15,000
The calculation is not limited to the $500,000 above the $1 million threshold. The 1% rate applies to the qualifying consideration under the statutory rules.
The buyer is generally responsible for the mansion tax, although statutory exceptions can apply.
Official source: NYS Department of Taxation and Finance.
Additional Taxes on High-Value NYC Property Transfers
High-value NYC transactions can involve additional state-administered transfer taxes beyond the ordinary state and city charges.
NYC additional base tax
For qualifying NYC residential real property, an additional base tax of $1.25 per $500, or fraction thereof, applies when the consideration for the entire qualifying conveyance is $3 million or more.
For qualifying NYC property other than residential real property, the same additional base-tax rate can apply when the consideration is $2 million or more.
For a qualifying $4 million NYC residential transfer, the additional base tax would be:
$4,000,000 ÷ $500 × $1.25 = $10,000
This is an additional charge, not a replacement for the ordinary NYS base tax.
NYC supplemental tax
A separate supplemental tax applies to qualifying NYC residential transfers of $2 million or more. The applicable rate depends on the total consideration for the relevant conveyance.
The current published rate schedule in the NYS instructions is:
| Residential consideration | Supplemental tax rate |
|---|---|
| $2 million to less than $3 million | 0.25% |
| $3 million to less than $5 million | 0.50% |
| $5 million to less than $10 million | 1.25% |
| $10 million to less than $15 million | 2.25% |
| $15 million to less than $20 million | 2.50% |
| $20 million to less than $25 million | 2.75% |
| $25 million or more | 2.90% |
The supplemental tax rate is multiplied by the qualifying residential consideration, or the residential portion of consideration when allocation is required. These rates should be rechecked against the official instructions before a calculator is published or updated.
The supplemental tax is not the same as the 1% mansion tax. It is a separate tax with its own NYC-specific eligibility rules and rate schedule.
Official source: Instructions for Form TP-584-NYC, pages 6–7.
Worked Examples: How Much Could Transfer Tax Cost?
The following examples illustrate how the main tax components can stack. They assume a straightforward, fully taxable transfer, no deductions or exemptions, and no contract-based shift in responsibility.
Example 1: $450,000 NYC residential property
Assume a qualifying NYC residential transfer at $450,000.
- NYS base transfer tax: $1,800
- NYC RPTT at 1%: $4,500
- Mansion tax: $0
- Additional base tax: $0
- NYC supplemental tax: $0
Illustrative combined transfer tax: $6,300.
This excludes attorney fees, title charges, mortgage recording tax and other closing expenses.
Example 2: $750,000 NYC residential property
Assume a qualifying NYC residential transfer at $750,000.
- NYS base transfer tax: $3,000
- NYC RPTT at 1.425%: $10,687.50
- Mansion tax: $0
- Additional base tax: $0
- NYC supplemental tax: $0
Illustrative combined transfer tax: $13,687.50.
The example assumes the applicable residential classification and no special deduction.
Example 3: $1.5 million NYC residential property
Assume a qualifying residential transfer at $1.5 million.
- NYS base transfer tax: $6,000
- NYC RPTT at 1.425%: $21,375
- NYS mansion tax at 1%: $15,000
- Additional base tax: $0
- NYC supplemental tax: $0
Illustrative combined transfer tax: $42,375.
The base and NYC RPTT are generally seller-side taxes, while the mansion tax is generally buyer-side. The combined figure does not mean one party necessarily pays the whole amount.
Example 4: $4 million NYC residential property
Assume a qualifying NYC residential transfer at $4 million.
- NYS base transfer tax: $16,000
- NYC RPTT at 1.425%: $57,000
- NYS mansion tax at 1%: $40,000
- NYC additional base tax at 0.25%: $10,000
- NYC supplemental tax at 0.50%: $20,000
Illustrative combined transfer tax: $143,000.
This example shows why a high-value NYC property should not be estimated using only the 0.4% state base rate. Actual consideration, statutory classification, contract terms and any applicable exceptions must still be checked.
Who Pays New York Real Estate Transfer Tax: Buyer or Seller?
For a typical sale, the seller generally pays the NYS base transfer tax and the applicable additional base tax. NYC RPTT is also generally a seller-side closing cost under the usual transaction structure.
The buyer generally pays the NYS mansion tax and the NYC supplemental tax when those taxes apply.
However, the purchase contract can allocate certain costs differently. New-development contracts, sponsor sales and negotiated transactions may shift costs to the buyer. The law also contains provisions addressing liability if the party responsible for payment fails to pay.
Before signing a contract, ask the closing attorney to identify each tax separately and explain which party is responsible under the proposed agreement. A combined calculator total alone cannot tell you the final amount each party will pay.
Does a Co-op, Condo or Commercial Property Have Different Rules?
Yes. The property’s legal classification can affect which taxes apply and which rate is used.
Single-family and small residential properties: A qualifying one- to three-family house generally falls within the NYC residential Type 1 category.
Condominiums: An individual residential condo unit can qualify for the NYC residential rate. High-value residential tax rules may also apply.
Co-ops: Cooperative apartment transfers involve shares and proprietary lease interests rather than the same form of deed transfer used for a condo. Special rules can affect consideration, including certain proportions of cooperative mortgage debt. Do not assume that a co-op transaction is identical to a conventional house sale.
Commercial property: Commercial buildings and many transfers that do not qualify as NYC Type 1 or Type 2 residential transfers can be subject to the higher NYC RPTT rate. Commercial transactions generally do not qualify for the residential mansion tax or NYC residential supplemental tax, but the additional base tax may apply at the relevant threshold.
Mixed-use property: When a property has both residential and commercial uses, some calculations may require allocation of consideration. The threshold may depend on the entire conveyance while the tax applies to the qualifying portion. This is a case where a general calculator should not replace the closing attorney’s review.
What Other Closing Costs Are Not Included?
Real estate transfer tax is only one part of the cost of buying or selling property in New York.
Depending on the transaction, other costs may include:
- Mortgage recording tax
- Attorney fees
- Title search and title insurance
- Recording and filing charges
- Mortgage-related lender fees
- Building or cooperative charges
- Broker commissions
- Adjustments, credits and other contract expenses
Mortgage recording tax is separate from real estate transfer tax. It may apply when a mortgage is recorded and depends on the applicable jurisdiction and transaction details. It should not simply be added to a transfer-tax estimate without the mortgage amount and relevant local rules.
A seller’s net proceeds calculation also needs mortgage payoff, commissions, fees and negotiated credits. A buyer’s total cash-to-close calculation needs down payment, financing costs and other closing charges.
How to Use the New York Real Estate Transfer Tax Calculator
- Enter the property’s sale price or other relevant consideration.
- Select whether the property is inside New York City or elsewhere in New York State.
- Select the appropriate property classification.
- Review each displayed tax component rather than relying only on the combined total.
- Check which taxes are assigned to the buyer and seller under the general rules.
- Compare the estimate with the closing attorney’s or title professional’s calculation before making a financial commitment.
If your transaction involves an assumed mortgage, continuing lien, co-op debt, multiple properties, an exemption or mixed-use allocation, seek a transaction-specific calculation.
Filing Deadlines and Official Forms
For NYC conveyances, the NYS Department of Taxation and Finance instructs taxpayers to file Form TP-584-NYC and pay applicable state-administered transfer taxes no later than the 15th day after delivery of the deed or similar legal document. The form combines several filing requirements, so the correct schedules depend on the transaction.
NYC also has its own RPTT filing requirements. The NYC Department of Finance states that the applicable NYC RPTT return and payment are generally due within 30 days after the transfer, subject to the relevant rules and exceptions.
Do not assume that one filing deadline automatically satisfies every requirement. Confirm the applicable return, payment date and recording procedure with the closing attorney or the responsible authority.
Official resources:
- NYS real estate transfer and mortgage recording tax forms
- NYC Real Property Transfer Tax filing information
Frequently Asked Questions
1. What is the New York real estate transfer tax rate?
The standard NYS base transfer tax is $2 per $500, or fraction thereof, of taxable consideration—generally 0.4%. NYC has additional local transfer tax rates for qualifying transfers within the five boroughs.
2. Is New York transfer tax paid by the buyer or seller?
The seller generally pays the base state transfer tax and applicable additional base tax. The buyer generally pays the mansion tax and NYC supplemental tax when applicable. Contract terms and statutory exceptions can change the result.
3. Does the mansion tax apply to a $1 million home?
Generally, yes. The NYS mansion tax applies to qualifying residential transfers with consideration of $1 million or more, at 1% of the qualifying residential consideration.
4. Is NYC transfer tax different from New York State transfer tax?
Yes. The state tax applies under statewide law. NYC RPTT is a separate local tax that applies to qualifying transfers within the five boroughs.
5. Does the NYC supplemental tax apply outside New York City?
No. The NYC supplemental tax is tied to qualifying residential property transfers located in New York City. Other state and local rules may apply to properties elsewhere.
6. Is mortgage recording tax included in the calculator?
No. Mortgage recording tax is a separate tax that depends on mortgage and jurisdiction details. It should be estimated separately.
7. Can I use this calculator for a co-op or mixed-use building?
You can use it for an initial estimate, but co-op transfers and mixed-use properties can involve special consideration and allocation rules. Confirm the classification and calculation with your closing attorney.
8. Is this calculator an official tax assessment?
No. It is an educational estimate. The official return, applicable law, transaction documents and responsible tax authority determine the amount due.
Methodology and Disclaimer
This calculator is intended to help users understand the main layers of New York State and NYC real estate transfer tax. The estimates use published rate rules and simplified inputs for ordinary transactions. They do not determine legal eligibility for exemptions, continuing lien deductions, complex consideration adjustments or special transaction treatment.
Rates and official instructions can change. Before relying on an estimate for a closing, verify the applicable rules using the official sources linked above and have the transaction reviewed by a qualified New York real estate attorney or tax professional.
Author: Junaidul Islam
The article is for general educational purposes and does not constitute legal, tax or financial advice.