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Kings County (Brooklyn), New York · Seller net sheet

Kings County (Brooklyn) seller net sheet calculator

Brooklyn sellers pay two transfer taxes: New York State's 0.40% and New York City's Real Property Transfer Tax of 1.0% or 1.425%. Combined, that is roughly 1.825% of the sale price before commissions — one of the heaviest seller tax loads in the country.

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Estimated Net Proceeds
$205,200

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3%
2.5%
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What Kings County (Brooklyn) sellers should know

Local transfer tax

Brooklyn sits inside New York City, so the seller pays the NYC Real Property Transfer Tax on top of the state transfer tax: 1.0% on residential sales of $500,000 or less, and 1.425% above that.

Title & closing custom

In New York the buyer pays for title insurance. The seller's own attorney fee (typically $2,000–$3,500 in Brooklyn) is the seller-side legal cost.

Property taxes

Kings County's effective property tax rate averages roughly 0.98% of market value, though NYC's class-based assessment system makes individual bills vary widely.

Kings County (Brooklyn) seller FAQs

How much is the transfer tax when selling a home in Brooklyn?

You pay the New York State transfer tax of 0.40% plus the NYC Real Property Transfer Tax of 1.425% on residential sales over $500,000 (1.0% at or below $500,000). On a $1,000,000 Brooklyn sale that is roughly $18,250 combined, and the state rate rises to 0.65% on sales at $3M and above.

Who pays the mansion tax on a Brooklyn sale?

The buyer pays the mansion tax on purchases of $1,000,000 or more — it starts at 1% and rises progressively above $2M. It does not come out of your proceeds, but it absolutely affects what buyers are willing to bid at prices just over the thresholds.

Do I need an attorney to sell a house in Brooklyn?

In practice, yes. New York is an attorney-closing state and every Brooklyn residential transaction runs through seller's and buyer's counsel. Budget roughly $2,000 to $3,500 for the seller's attorney, plus co-op or condo transfer and flip-tax fees where they apply.

Seller guide

Understanding Closing Costs & Net Proceeds in New York

New York sellers face one of the most layered closing-cost stacks in the country — a flat state transfer tax, an extra NYC transfer tax if you're in the five boroughs, and a mansion tax paid by your buyer that can still affect what price they're willing to offer.

Key local custom breakdown

  • State transfer tax: New York State charges a flat 0.40% ($2 per $500) of the sale price at every price point, paid by the seller. NYC residential sales of $3M or more add another 0.25% state transfer tax.
  • NYC RPTT: Properties inside New York City add a 1.0% Real Property Transfer Tax (1.425% on residential sales over $500K), also paid by the seller.
  • Mansion tax — buyer-paid: The statewide mansion tax is 1% on residential sales of $1M or more and is paid by the buyer. Inside NYC a progressive supplemental mansion tax applies on top, also buyer-paid. Neither is deducted from your seller proceeds.

How the New York transfer tax is calculated

Seller's State Transfer Tax = Sale Price × 0.004  ($2 per $500, flat at every price)

Example: $750,000 × 0.004 ($2 per $500, flat at every price) = $3,000

Buyer-paid: the statewide 1% mansion tax on residential sales of $1M or more, plus NYC's progressive supplemental mansion tax. NYC sales also owe the NYC RPTT (1.0%, or 1.425% over $500K), and NYC residential sales of $3M or more add a 0.25% state transfer tax.

Frequently asked questions (New York real estate)

What is the New York State real estate transfer tax rate?
New York State charges a seller-paid real estate transfer tax of $2.00 per $500 of sale price — a flat 0.40% — and that rate applies at every price point statewide. An additional 0.25% state transfer tax applies only to New York City residential sales of $3 million or more.
Who pays the New York mansion tax?
The buyer pays it, not the seller. The statewide mansion tax is 1% on residential sales of $1 million or more. Inside New York City a progressive supplemental mansion tax applies on top of that, also buyer-paid. Because it is a buyer cost, Sumline does not deduct it from your seller net proceeds — but it still affects what price the market will bear.
What additional fees apply to sales within New York City limits?
Properties sold within NYC owe the NYC Real Property Transfer Tax (RPTT), paid by the seller: 1.0% for residential sales of $500,000 or less, and 1.425% for residential sales above $500,000. NYC residential sales of $3 million or more also add the 0.25% state transfer tax.

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