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Queens County, New York · Seller net sheet

Queens County seller net sheet calculator

Queens sellers pay the New York State transfer tax plus the New York City Real Property Transfer Tax, and a large share of Queens sales are co-ops with their own flip taxes and transfer fees. Together they make the seller side heavier than almost anywhere outside NYC.

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Estimated Net Proceeds
$205,200

Shown on the PDF report and used in the file name.

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3%
2.5%
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What Queens County sellers should know

Local transfer tax

Queens is inside New York City, so the seller owes the NYC Real Property Transfer Tax — 1.0% at or below $500,000 and 1.425% above — in addition to the New York State transfer tax.

Title & closing custom

The buyer pays for title insurance in New York. Queens sellers should budget roughly $2,000–$3,000 for their own closing attorney.

Property taxes

Queens County's effective property tax rate averages around 0.88% of market value under New York City's class-based assessment system.

Queens County seller FAQs

What transfer taxes does a Queens seller pay?

New York State's 0.40% transfer tax plus the NYC Real Property Transfer Tax at 1.425% on residential sales over $500,000 (1.0% at or below). On an $800,000 Queens sale that is about $14,600 in combined transfer tax paid by the seller.

Do co-op flip taxes come out of my Queens sale proceeds?

Yes. Many Queens co-op buildings charge a flip tax of 1% to 3% of the sale price, or a fixed per-share amount, deducted at closing. Add it as a closing cost line in the calculator — request the exact figure from your managing agent early, because it can be one of your largest single deductions.

Is title insurance a seller cost in Queens?

No. In New York the buyer purchases title insurance. The seller's legal costs are their own attorney's fee and any building-required transfer or move-out fees, not the title policy.

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.

Agents: turn this estimate into a client-ready seller proceeds report with your name and brokerage on it.

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