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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 — state transfer tax, an extra NYC transfer tax if you're in the five boroughs, and sometimes a Mansion Tax paid by your buyer that can still affect what price they're willing to offer.

Key local custom breakdown

• Transfer tax: The state charges 0.40% of the sale price on residential sales under $3M, rising to 0.65% above that. Sellers pay this at closing.
• 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: Sales of $1M or more trigger a 1% – 3.9% Mansion Tax that the buyer pays — but it's a real factor in what price the market will bear.

How the New York transfer tax is calculated

Base Transfer Tax = Sale Price × 0.004

Frequently asked questions (New York real estate)

What are the New York State real estate transfer tax brackets?

New York State charges a base transfer tax of $2.00 per $500 (0.40%) for residential sales under $3 Million. For luxury residential sales of $3 Million or more, the base rate increases by an additional $1.25 per $500, making the rate 0.65%.

How does the New York Mansion Tax scale?

The NY Mansion Tax begins at 1.0% for residential purchases of $1 Million or more. It scales progressively up to a maximum rate of 3.9% for ultra-luxury properties priced at $25 Million or higher. Unlike standard closing costs, the buyer is customarily responsible for paying this tax.

What additional fees apply to sales within New York City limits?

Properties sold within NYC are subject to the additional NYC Real Property Transfer Tax (RPTT). The RPTT rate is 1.0% for residential sales of $500,000 or less, and jumps to 1.425% for residential sales above $500,000, creating an extensive closing fee stack for city sellers.