How much is the New York State transfer tax?

The New York State real estate transfer tax is $2 for every $500 of sale price, which works out to 0.4% of the price. It is generally paid by the seller. On a $500,000 home that is $2,000, and the tax scales linearly with the price.

What is the New York mansion tax?

The mansion tax is an additional 1% tax on residential property sold for $1 million or more, paid by the buyer. In New York City it rises further on higher-value homes, from 1.25% at $2 million up to 3.9% above $25 million. Below $1 million there is no mansion tax.

Who pays transfer tax in New York, buyer or seller?

The state transfer tax and the New York City RPTT are normally paid by the seller, while the mansion tax is paid by the buyer. These defaults can be negotiated in the contract, but the law assigns them this way unless the parties agree otherwise.

What is the NYC Real Property Transfer Tax?

New York City levies its own RPTT in addition to the state tax. For residential property the city rate is 1% of the price up to $500,000 and 1.425% for prices above $500,000. Commercial and higher-value properties face higher city rates. This is layered on top of the 0.4% state tax.

Are there exemptions from New York transfer tax?

Yes. Transfers between spouses, gifts with no consideration, and certain transfers to or from government entities can be exempt or reduced. Cooperative apartment and new-construction sales have special rules. This tool estimates the standard taxable sale; consult a real estate attorney for exemption eligibility.

New York Real Estate Transfer Tax Calculator

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New York’s layered real estate transfer taxes

Selling or buying property in New York can trigger several overlapping transfer taxes. The state charges $2 per $500 of price (0.4%), paid by the seller. On homes of $1 million or more, the buyer owes the mansion tax — 1% statewide, rising in New York City. And within the five boroughs, the city adds its own Real Property Transfer Tax (RPTT). This calculator stacks all three so you see the seller’s bill, the buyer’s bill, and the combined cost of the transaction.

How it works

The state transfer tax is the simplest layer: price divided by $500, rounded up, times $2. The tool models it as 0.4% of price. The mansion tax applies only at and above $1 million and uses a tiered rate that climbs for very high-value NYC homes. The NYC RPTT, when applicable, uses the residential rate schedule.

state transfer tax = price × 0.4%                         (seller)
mansion tax        = price × tier rate, only if price ≥ $1,000,000  (buyer)
NYC RPTT           = price ≤ $500k → 1% ; price > $500k → 1.425%    (seller, NYC only)

Seller-side taxes (state + RPTT) and the buyer-side mansion tax are shown separately because they fall on different parties by default.

Notes and example

A $1.2 million home sold in New York City: the state transfer tax is $4,800 and the NYC RPTT at 1.425% is $17,100, both on the seller. The buyer pays the 1% mansion tax of $12,000. Combined, the transaction carries about $33,900 in transfer-related taxes. Outside the city, the same sale skips the RPTT, leaving $4,800 (seller) plus $12,000 mansion tax (buyer).

This is an estimate using standard residential rates. Commercial property, co-ops, exemptions, and high-value NYC mansion-tax tiers have special rules. Confirm with a real estate attorney or title company. All figures stay in your browser.