NYC Real Estate Transfer Tax Calculator

On a $1,000,000 NYC sale, transfer taxes alone cost the seller $18,250, combining the NYC Real Property Transfer Tax and the New York State transfer tax. Buyers and sellers mix these up constantly with the mansion tax, which is a separate charge on the other side of the table entirely. In 25+ years of closings across Manhattan, Brooklyn, Queens, and the Bronx, I have never had a deal where both sides understood who owed what before I walked them through it. This calculator shows the seller's transfer tax bill and the buyer's mansion tax bill side by side, so there is no confusion before you sign.

What Is the NYC Transfer Tax?

"Transfer tax" actually refers to two separate government taxes that stack on the same sale: the New York City Real Property Transfer Tax (RPTT) and the New York State Real Estate Transfer Tax. Both are calculated as a percentage of the sale price and both are one-time charges due at closing, unlike property tax, which is annual and recurring. Every sale in NYC, at any price above the small statutory exemption, owes both taxes.

2026 Transfer Tax Rates

The NYC RPTT rate depends on whether the property is residential and how it compares to the $500,000 threshold:

The NYS transfer tax is a flat 0.40%, with a supplemental 0.25% layered on top for higher-value NYC sales:

Sources: NYC Department of Finance, Real Property Transfer Tax (RPTT); NYS Department of Taxation and Finance, TSB-M-19(1)R. Verified July 2026.

Who Pays: Seller for Transfer Tax, Buyer for Mansion Tax

By custom and by the standard NYC contract of sale, the seller pays both transfer taxes. This is a firm convention on resales, and buyers do not pay transfer tax unless the contract specifically shifts that obligation. The one major exception is new development: sponsors routinely require the buyer to pay the seller's transfer tax as part of the purchase agreement, adding thousands of dollars to a buyer's closing costs on a sponsor unit. Always have your attorney review a sponsor contract for this clause before signing.

The NYC Mansion Tax is entirely separate. It only applies to residential purchases of $1,000,000 or more, and unlike the transfer tax, the buyer pays it, always. A buyer at $2,000,000 owes the 1.25% mansion tax ($25,000) in addition to whatever transfer tax the contract assigns. These two taxes can be confused because they land on the same closing statement, but they never hit the same party by default.

Common Transfer Tax Mistakes

Frequently Asked Questions

Who pays the NYC transfer tax, the buyer or the seller?

By custom and by contract, the seller pays both the NYC RPTT and the NYS transfer tax on a resale. The one common exception is new development, where sponsors routinely shift these taxes onto the buyer in the purchase agreement.

What is the NYC transfer tax rate?

For a 1-3 family house, an individual condo unit, or an individual co-op apartment, the NYC RPTT is 1.00% at $500,000 or less and 1.425% above $500,000. For all other property, the rate is 1.425% at $500,000 or less and 2.625% above $500,000.

What is the New York State transfer tax rate?

0.40% of the price. An additional 0.25% applies on residential sales of $3,000,000 or more (or other property at $2,000,000 or more) in NYC, bringing the state rate to 0.65% on those higher-value sales.

Is the transfer tax the same as the mansion tax?

No. The transfer tax is paid by the seller on every sale. The mansion tax is a separate tax paid by the buyer, only on residential purchases of $1,000,000 or more. They stack independently and hit opposite sides of the closing.

How much transfer tax does a seller pay on a $1,000,000 NYC sale?

The NYC RPTT is $14,250 (1.425%) and the NYS transfer tax is $4,000 (0.40%), for a combined $18,250, or 1.825% of the price.

Does a co-op sale pay transfer tax on the full sale price?

Yes. The tax is calculated on the full sale price, including the unit's proportionate share of the building's underlying mortgage, not just the seller's net equity.

For the buyer-side cliff-bracket detail on the mansion tax, see the NYC Mansion Tax Calculator. Co-op sellers should also check the NYC Co-op Flip Tax Calculator for the building-specific fee that stacks on top of these government taxes. For every closing line item together, see the Seller Net Proceeds Calculator and my full NYC transfer tax guide.