On a $1 million NYC apartment sale, transfer taxes alone total $18,250 for the seller, combining both the city and state levies. In my 25+ years as a Licensed Real Estate Associate Broker with Keller Williams NYC, I run these numbers before any client lists or bids.
What Is the NYC Transfer Tax?
The city levy is the Real Property Transfer Tax (RPTT) and the state levy is the Real Estate Transfer Tax. Both are a percentage of the sale price, owed once at closing each time a property changes hands.
NYC Transfer Tax Rates (RPTT)
| Property Type | Sale Price | NYC RPTT Rate |
|---|---|---|
| Residential | $500,000 or less | 1.0% |
| Residential | Over $500,000 | 1.425% |
| Commercial | $500,000 or less | 1.425% |
| Commercial | Over $500,000 | 2.625% |
New York State Transfer Tax Rate
New York State imposes an additional transfer tax of 0.4% on all real estate transactions. For residential properties sold for $3 million or more (or commercial properties at $2 million or more), an additional 0.25% surcharge applies at the state level, bringing the state rate to 0.65% on those high-value sales.
Active NYC Listings
Currently available properties across NYC
110 Coffey Street #2B
Red Hook
21 Bleecker Street #GW
Noho
Listing information provided courtesy of the Real Estate Board of New York's Residential Listing Service (RLS). Information is deemed reliable but not guaranteed. Sale listings verified. ©2026 REBNY. RLS data displayed by Keller Williams NYC.
Who Pays the Transfer Tax in NYC?
The seller pays both the NYC and NYS transfer taxes, unless the contract shifts them, which is rare on resales. New development is the exception: sponsors routinely require the buyer to pay the seller's transfer tax. On a $1.5 million new condo that adds $21,375 in NYC RPTT alone to the buyer's closing costs, so I flag it during contract review.
New Development Buyer Alert
Sponsors frequently shift the NYC transfer tax, the NYS transfer tax, and even their attorney's fees to the buyer. On a $2M condo, these shifted costs can add $40,000+ to what you owe at closing. Always have your real estate attorney review these provisions before signing.
Sellers: See What Transfer Tax Does to Your Bottom Line
The seller net proceeds calculator stacks transfer tax against commission, attorney fees, and any mortgage payoff.
Calculate Your Net ProceedsTransfer Tax Calculations at Common Price Points
Total transfer tax a seller owes at a standard resale closing:
| Sale Price | NYC RPTT | NYS Transfer Tax | Total Transfer Tax | % of Sale |
|---|---|---|---|---|
| $500,000 | $5,000 | $2,000 | $7,000 | 1.40% |
| $1,000,000 | $14,250 | $4,000 | $18,250 | 1.825% |
| $2,000,000 | $28,500 | $8,000 | $36,500 | 1.825% |
Transfer Tax vs. Mansion Tax: What Is the Difference?
The transfer tax and the NYC mansion tax are two separate obligations. Transfer tax applies to every sale and is normally paid by the seller. The mansion tax is paid by the buyer on residential purchases of $1 million or more, with graduated rates climbing to 3.9% above $25 million. A $2M buyer pays the mansion tax (1.25%, or $25,000), plus the transfer tax if the contract shifts it.
Transfer Tax Exemptions
Certain transfers are exempt from the NYC RPTT. These include transfers to or from government agencies, transfers related to tax liens, certain cooperative housing corporation transfers, and transfers where the consideration is $25,000 or less. Transfers between spouses as part of a divorce settlement are also typically exempt. Transfers between family members outside of divorce, such as gifting a property to a child, are generally not exempt if consideration exceeds $25,000. Recorded deed transfers are publicly searchable on ACRIS, NYC's free property records system.
Co-op Transfer Tax Nuance
On a co-op apartment sale, the transfer tax is calculated on the full sale price, not on the price net of the unit's share of the building's underlying mortgage.
How to Budget for Transfer Tax
Budget 1.4% to 1.825% of the sale price for city plus state transfer tax; the 1.4% figure applies at $500,000 or less. On new development, the buyer pays that same percentage if the sponsor shifts it. Other line items are in my NYC closing costs guide, and the closing sequence is in the NYC seller closing process guide.
Selling in NYC? Run Your Own Numbers
Estimate cash at closing after transfer taxes, commission, attorney fees, and any flip tax or mortgage payoff.
Calculate Your Net ProceedsSources
Primary sources for the figures on this page, verified August 21, 2026.
- New York State Publication 576, real estate transfer tax guidance
- New York State real estate transfer tax, rates and who owes them
- Form TP-584, the combined return
