Buying or selling property in New York City involves several taxes that can significantly affect closing costs. Our NYC Transfer Tax Calculator helps estimate these expenses based on property value and type. Learn the 2026 NYC and New York State transfer tax rates, Mansion Tax rules, buyer and seller responsibilities, and real calculation examples before closing.
What Is NYC Transfer Tax?
NYC transfer tax is a tax imposed on qualifying real estate sales and transfers in New York City. The primary city tax is called the Real Property Transfer Tax (RPTT).
Depending on the transaction, additional taxes may apply, including New York State Real Estate Transfer Tax, Mansion Tax, Supplemental Mansion Tax, and an additional state transfer tax.
The main taxes include:
- NYC Real Property Transfer Tax (RPTT): A city tax on qualifying real estate transfers.
- New York State Transfer Tax: A state tax generally calculated at 0.4%.
- Mansion Tax: An additional 1% tax on qualifying residential transactions of $1 million or more.
- Supplemental Mansion Tax: An additional progressive tax on qualifying NYC residential transactions of $2 million or more.
- Additional NYS Transfer Tax: An additional 0.25% tax on qualifying NYC residential transactions of $3 million or more and nonresidential transactions of $2 million or more.
NYC Transfer Tax Rates for 2026
The NYC Real Property Transfer Tax rate depends on the property’s classification and taxable transaction value.
Residential Property Transfer Tax Rates
The following rates generally apply to qualifying one-, two-, or three-family homes, individual residential condominium units, and individual cooperative apartments.
| Residential Sale Price | NYC RPTT Rate |
|---|---|
| $500,000 or less | 1.00% |
| More than $500,000 | 1.425% |
Example:
Suppose a qualifying residential property sells for $800,000.
Calculation:
$800,000 × 1.425% = $11,400
The estimated NYC Real Property Transfer Tax is $11,400.
Commercial and Other Property Transfer Tax Rates
Commercial properties and other transfers that do not qualify for the special residential rates generally follow a different tax structure.
| Commercial or Other Property Sale Price | NYC RPTT Rate |
|---|---|
| $500,000 or less | 1.425% |
| More than $500,000 | 2.625% |
Example:
If a commercial property sells for $1,000,000:
$1,000,000 × 2.625% = $26,250
The estimated NYC transfer tax is $26,250.
Important: When the applicable $500,000 threshold is exceeded, the higher percentage applies to the entire taxable consideration, not just the amount above $500,000.
NYC RPTT generally applies when taxable consideration exceeds $25,000, subject to applicable exemptions and special rules.
New York State Real Estate Transfer Tax
New York State imposes a separate Real Estate Transfer Tax (RETT) on qualifying property transfers.
The standard state rate is $2 for every $500, or fraction of $500, of taxable consideration. This is generally equivalent to 0.4%.
For example:
| Property Sale Price | Standard NYS Transfer Tax |
|---|---|
| $500,000 | $2,000 |
| $750,000 | $3,000 |
| $1,000,000 | $4,000 |
| $2,000,000 | $8,000 |
| $3,000,000 | $12,000 |
The state tax is separate from NYC RPTT, so a qualifying NYC property transaction can be subject to both taxes.
Additional New York State Transfer Tax
Certain high-value NYC property transactions are subject to an additional state transfer tax of 0.25%.
The applicable thresholds are:
| Property Type | Transaction Value | Additional Rate |
|---|---|---|
| Residential | $3 million or more | 0.25% |
| Nonresidential | $2 million or more | 0.25% |
Example:
A qualifying residential property sells for $3 million.
- Standard NYS transfer tax: $3,000,000 × 0.4% = $12,000
- Additional NYS transfer tax: $3,000,000 × 0.25% = $7,500
Total state base transfer taxes: $19,500.
This additional tax is separate from the Supplemental Mansion Tax and should be calculated independently.
What Is the NYC Mansion Tax?
The Mansion Tax is an additional New York State tax on qualifying residential property transfers with taxable consideration of $1 million or more.
The standard Mansion Tax rate is 1% of the entire qualifying residential transaction value.
| Residential Sale Price | Mansion Tax |
|---|---|
| $1,000,000 | $10,000 |
| $1,200,000 | $12,000 |
| $1,500,000 | $15,000 |
| $2,000,000 | $20,000 |
| $3,000,000 | $30,000 |
Example:
If a qualifying residential property sells for $1.5 million:
$1,500,000 × 1% = $15,000
The Mansion Tax is $15,000 and is generally paid by the buyer.
The Mansion Tax is separate from NYC RPTT and applies under its own state tax rules.
NYC Supplemental Mansion Tax Rates
The Supplemental Mansion Tax is an additional New York State tax on qualifying NYC residential property transfers of $2 million or more.
Its rate increases according to the total qualifying transaction value.
| Residential Transaction Value | Supplemental Mansion 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 applicable percentage is multiplied by the entire qualifying residential consideration, not just the amount above a threshold.
Example:
A qualifying NYC residential property sells for $5 million.
$5,000,000 × 1.25% = $62,500
The Supplemental Mansion Tax is $62,500.
This amount is separate from the standard 1% Mansion Tax.
For the complete rate schedule and calculation instructions, see the official New York State Form TP-584-NYC instructions.
Who Pays NYC Transfer Tax: Buyer or Seller?
In a typical NYC real estate transaction, the seller generally pays NYC RPTT and the standard New York State transfer tax.
The buyer generally pays the Mansion Tax and Supplemental Mansion Tax when applicable.
| Tax Type | Usual Payment Responsibility |
|---|---|
| NYC Real Property Transfer Tax | Seller |
| Standard NYS Transfer Tax | Seller |
| Additional NYS Transfer Tax | Seller |
| Mansion Tax | Buyer |
| Supplemental Mansion Tax | Buyer |
These are the usual payment responsibilities, not an unconditional rule for every transaction.
Can a Buyer Be Responsible for Seller Transfer Taxes?
Yes. A buyer may agree to pay certain seller-side taxes under the terms of a purchase agreement.
This can occur in certain new-development or sponsor transactions. New York State law also provides circumstances where a buyer may become responsible if the seller fails to pay a required tax.
For example, if the seller fails to pay a required base transfer tax, the buyer may become liable under applicable law.
Buyers should review their purchase agreement and closing statement carefully to understand their actual tax obligations.
NYC Transfer Tax Calculator: Inputs and Outputs
An NYC Transfer Tax Calculator makes it easier to estimate property transfer taxes without calculating every percentage manually.
To produce a useful estimate, the calculator should collect the relevant transaction information and display a separate breakdown of each applicable tax.
Calculator Inputs
The following are the important inputs for estimating NYC transfer taxes:
| Input | What It Means |
|---|---|
| Property Sale Price | Total property transaction value |
| Property Type | Residential or commercial/other |
| Property Location | Confirms the property is located in NYC |
| Transaction Type | Identifies the type of property transfer |
| Taxable Consideration | Amount subject to applicable transfer taxes |
| Buyer or Seller Perspective | Helps organize estimated payment responsibilities |
For complex transactions, taxable consideration may differ from the simple cash purchase price. Certain mortgages, liens, ownership interests, and other transaction details can affect the calculation.
Calculator Outputs
After entering the required information, the calculator should display a clear breakdown of applicable taxes.
| Output | What It Shows |
|---|---|
| NYC RPTT | Estimated New York City transfer tax |
| NYS Transfer Tax | Standard 0.4% state transfer tax |
| Mansion Tax | Additional residential tax, if applicable |
| Supplemental Mansion Tax | Additional NYC residential tax, if applicable |
| Additional NYS Tax | Additional 0.25% tax, if applicable |
| Seller Tax Estimate | Taxes generally paid by the seller |
| Buyer Tax Estimate | Taxes generally paid by the buyer |
| Total Transfer Tax | Combined estimated tax amount |
Example Calculator Input:
- Property Sale Price: $1,200,000
- Property Type: Residential
- Location: New York City
- Transaction: Property Sale
Example Calculator Output:
| Tax Breakdown | Estimated Amount |
|---|---|
| NYC RPTT | $17,100 |
| NYS Transfer Tax | $4,800 |
| Mansion Tax | $12,000 |
| Supplemental Mansion Tax | $0 |
| Additional NYS Tax | $0 |
| Total Transfer Taxes | $33,900 |
Typical payment allocation:
- Seller: $21,900
- Buyer: $12,000
Use our NYC Transfer Tax Calculator to estimate your transaction costs.
Note: These are illustrative inputs and outputs. The actual calculator must support the listed fields and calculations before displaying them as live tool features.
How to Calculate NYC Transfer Tax
You can estimate NYC transfer tax by following these steps:
Step 1: Determine the Property Sale Price
Start with the total taxable consideration for the property transfer. This may include more than the cash purchase price in certain transactions.
Step 2: Identify the Property Type
Determine whether the property qualifies for residential transfer tax rates or falls under commercial and other property rates.
Step 3: Calculate NYC RPTT
Apply the appropriate city tax rate:
- Residential: 1% or 1.425%.
- Commercial and other transfers: 1.425% or 2.625%.
Step 4: Calculate Standard NYS Transfer Tax
Apply the standard New York State transfer tax, generally 0.4%.
Step 5: Check Mansion Tax Eligibility
If the transaction involves qualifying residential property worth $1 million or more, include the 1% Mansion Tax.
Step 6: Check Additional State Taxes
Determine whether the transaction qualifies for:
- Supplemental Mansion Tax at $2 million or more for qualifying NYC residential transfers.
- Additional NYS Transfer Tax at $3 million or more for qualifying residential transfers.
- Additional NYS Transfer Tax at $2 million or more for qualifying nonresidential transfers.
Step 7: Add the Applicable Taxes
Combine the applicable city and state taxes. Keep buyer-side and seller-side amounts separate to understand the estimated closing responsibilities.
NYC Transfer Tax Calculation Examples
The following examples show how different property values affect NYC and New York State transfer taxes.
These examples assume standard taxable transactions, no exemptions, and the usual payment allocation.
Example 1: Residential Property Sold for $800,000
Suppose a qualifying residential property sells for $800,000.
| Tax | Calculation | Amount |
|---|---|---|
| NYC RPTT | $800,000 × 1.425% | $11,400 |
| NYS Transfer Tax | $800,000 × 0.4% | $3,200 |
| Mansion Tax | Not applicable | $0 |
| Supplemental Mansion Tax | Not applicable | $0 |
| Additional NYS Tax | Not applicable | $0 |
| Total Transfer Taxes | $14,600 |
Typical seller payment: $14,600.
Example 2: Residential Property Sold for $1.2 Million
Suppose a qualifying residential property sells for $1,200,000.
| Tax | Calculation | Amount |
|---|---|---|
| NYC RPTT | $1,200,000 × 1.425% | $17,100 |
| NYS Transfer Tax | $1,200,000 × 0.4% | $4,800 |
| Mansion Tax | $1,200,000 × 1% | $12,000 |
| Supplemental Mansion Tax | Not applicable | $0 |
| Additional NYS Tax | Not applicable | $0 |
| Total Transfer Taxes | $33,900 |
Typical payment allocation:
- Seller: $21,900
- Buyer: $12,000
Example 3: Residential Property Sold for $2.5 Million
Suppose a qualifying NYC residential property sells for $2,500,000.
| Tax | Calculation | Amount |
|---|---|---|
| NYC RPTT | $2,500,000 × 1.425% | $35,625 |
| NYS Transfer Tax | $2,500,000 × 0.4% | $10,000 |
| Mansion Tax | $2,500,000 × 1% | $25,000 |
| Supplemental Mansion Tax | $2,500,000 × 0.25% | $6,250 |
| Additional NYS Tax | Not applicable | $0 |
| Total Transfer Taxes | $76,875 |
Typical payment allocation:
- Seller: $45,625
- Buyer: $31,250
Example 4: Residential Property Sold for $5 Million
Suppose a qualifying NYC residential property sells for $5,000,000.
| Tax | Calculation | Amount |
|---|---|---|
| NYC RPTT | $5,000,000 × 1.425% | $71,250 |
| NYS Transfer Tax | $5,000,000 × 0.4% | $20,000 |
| Mansion Tax | $5,000,000 × 1% | $50,000 |
| Supplemental Mansion Tax | $5,000,000 × 1.25% | $62,500 |
| Additional NYS Tax | $5,000,000 × 0.25% | $12,500 |
| Total Transfer Taxes | $216,250 |
Typical payment allocation:
- Seller: $103,750
- Buyer: $112,500
This example shows why high-value property transactions require separate calculations for every applicable tax.
Example 5: Commercial Property Sold for $2.5 Million
Suppose a nonresidential commercial property sells for $2,500,000.
| Tax | Calculation | Amount |
|---|---|---|
| NYC RPTT | $2,500,000 × 2.625% | $65,625 |
| NYS Transfer Tax | $2,500,000 × 0.4% | $10,000 |
| Additional NYS Tax | $2,500,000 × 0.25% | $6,250 |
| Mansion Tax | Not applicable | $0 |
| Supplemental Mansion Tax | Not applicable | $0 |
| Total Transfer Taxes | $81,875 |
Typical seller payment: $81,875.
Does NYC Transfer Tax Apply to All Five Boroughs?
Yes. NYC Real Property Transfer Tax applies throughout all five New York City boroughs:
- Manhattan
- Brooklyn
- Queens
- The Bronx
- Staten Island
The standard NYC transfer tax rate structure is the same across all five boroughs.
For example, a qualifying residential property sold for $800,000 in Manhattan generally follows the same NYC RPTT rate as an equivalent property sold for $800,000 in Brooklyn.
The final amount depends on the transaction value, property classification, and applicable state taxes rather than the borough alone.
Are Co-op and Condo Transfers Subject to NYC Transfer Tax?
Yes. Qualifying transfers of individual residential condominium units and cooperative apartments can be subject to NYC Real Property Transfer Tax.
However, their ownership structures are different:
- Condominiums: Buyers generally receive ownership of an individual real property unit.
- Cooperatives: Buyers generally purchase shares in a cooperative corporation along with the right to occupy a specific apartment under a proprietary lease.
Both qualifying individual residential condo and co-op transfers can fall under NYC’s residential transfer tax rates.
Cooperative transactions may also involve a building-imposed flip tax. This is a private charge established by the cooperative’s governing documents, not an additional government transfer tax.
Does NYC Transfer Tax Apply to Gifts or Transfers Without a Sale?
Not every property transfer involves a conventional sale, but a transfer without a traditional purchase price is not automatically tax-free.
The tax treatment depends on the nature of the transfer, taxable consideration, ownership structure, and applicable exemptions.
Certain transfers involving corporations, partnerships, trusts, or other entities that own or lease NYC real estate may also trigger transfer taxes.
For example, a transfer of a controlling economic interest of at least 50% in an entity holding NYC real property can be subject to RPTT under applicable rules.
Some transfers may qualify for exemptions, but the eligibility requirements are specific. A property owner should not assume that a gift, inheritance-related transfer, or entity restructuring is automatically exempt.
NYC Transfer Tax Filing Deadline and Payment
NYC Real Property Transfer Tax returns and payments are generally required within 30 days after the taxable transfer.
Depending on the transaction, filings may involve the NYC Department of Finance and the New York State Department of Taxation and Finance.
NYC transactions generally use Form TP-584-NYC, together with any required schedules and supporting documents.
Filing requirements may differ for exemptions, transfers of economic interests, and other special transactions.
Late filing or payment can result in penalties and interest. Buyers and sellers should coordinate with their real estate attorney or closing professional to confirm the correct forms and deadlines.
Other Closing Costs to Consider When Buying or Selling Property in NYC
Transfer taxes are an important part of closing costs, but they are not the only expenses associated with a New York City property transaction.
Depending on the transaction, other expenses may include:
- Mortgage recording tax
- Attorney fees
- Title insurance
- Recording fees
- Real estate brokerage commissions
- Co-op flip taxes
- Building fees
- Property inspection and appraisal fees
Mortgage recording tax is generally associated with recording a mortgage and is separate from real property transfer tax.
Similarly, a co-op flip tax is a private building charge rather than a government transfer tax.
Including these expenses in your closing budget can help prevent unexpected costs.
Frequently Asked Questions About NYC Transfer Tax
Frequently Asked Questions About NYC Transfer Tax
What is the NYC transfer tax rate in 2026?Click this!
For qualifying residential transfers, the NYC RPTT rate is 1% when taxable consideration is $500,000 or less and 1.425% when it exceeds $500,000. For commercial and other transfers, the rates are 1.425% and 2.625%, respectively.
Who usually pays NYC transfer tax, the buyer or seller?Click this!
The seller usually pays NYC RPTT and the standard New York State transfer tax. The buyer generally pays the Mansion Tax and Supplemental Mansion Tax when applicable. Contractual arrangements and certain statutory rules can change payment responsibility.
Is New York State transfer tax separate from NYC transfer tax?Click this!
Yes. New York State imposes its own transfer tax in addition to NYC RPTT. Certain high-value transactions may also be subject to additional state taxes.
Does NYC transfer tax apply to properties under $500,000?Click this!
Yes. The $500,000 threshold determines the applicable NYC rate for qualifying property categories. NYC RPTT generally applies to taxable consideration exceeding $25,000, subject to exemptions and special rules.
Does the Mansion Tax apply to commercial properties?Click this!
The standard New York State Mansion Tax generally applies to qualifying residential property transfers of $1 million or more. It does not generally apply to ordinary commercial property transfers.
What is the Supplemental Mansion Tax rate in NYC?Click this!
The Supplemental Mansion Tax ranges from 0.25% to 2.9% for qualifying residential transactions of $2 million or more. The applicable rate depends on the total transaction value.
Do Manhattan, Brooklyn, and Queens have different transfer tax rates?Click this!
No. The standard NYC RPTT rate structure applies across all five boroughs. The property classification and taxable transaction amount determine the rate.
Is NYC transfer tax based on the entire sale price?Click this!
Generally, yes. The applicable percentage rate is applied to the full taxable consideration once the relevant threshold is exceeded, rather than only to the amount above the threshold.
Are NYC transfer taxes deductible?Click this!
Tax treatment depends on the type of tax and the taxpayer’s circumstances. Certain transfer taxes may be treated as selling expenses or included in a property’s cost basis instead of being immediately deductible. Consult a qualified tax professional.
How long do I have to pay NYC transfer tax?Click this!
NYC RPTT returns and payment are generally due within 30 days after the taxable transfer. State filing requirements should also be confirmed for the particular transaction.
Can I calculate NYC transfer tax before closing?Click this!
Yes. You can estimate your transfer taxes before closing by using an NYC Transfer Tax Calculator. Enter the property value and select the appropriate property type to estimate applicable city and state taxes.
Is mortgage recording tax included in NYC transfer tax?Click this!
No. Mortgage recording tax is a separate tax associated with recording a mortgage. It should be considered separately when estimating total real estate closing costs.
Calculate Your NYC Transfer Tax Before Closing
Understanding NYC transfer tax before buying or selling property can help you prepare for closing and avoid unexpected expenses.
NYC Real Property Transfer Tax, New York State Transfer Tax, Mansion Tax, Supplemental Mansion Tax, and additional state transfer tax each have different rates and eligibility requirements.
Use our NYC Transfer Tax Calculator to estimate the taxes associated with your property transaction. Review the estimated tax breakdown, understand potential buyer and seller costs, and plan your closing budget with greater confidence.
For complicated property transfers, mixed-use properties, entity transactions, or potential tax exemptions, consult a qualified real estate attorney or tax professional before relying on an estimate.
Disclaimer: This article is for general educational purposes only and does not constitute legal, tax, or financial advice. Actual transfer tax liability depends on taxable consideration, property classification, transaction structure, applicable exemptions, and current laws. Verify the final amount with a qualified professional and the relevant government authorities.