NYC mansion tax calculator
The mansion tax is a buyer-paid tax on the full purchase price of NYC residential property costing $1 million or more. Since 2019 it is tiered — the rate rises with the price, and it applies to the entire price, not just the amount above each threshold.
Mansion tax rates (NYC, current)
| Purchase price | Rate |
|---|---|
| $1M – under $2M | 1.00% |
| $2M – under $3M | 1.25% |
| $3M – under $5M | 1.50% |
| $5M – under $10M | 2.25% |
| $10M – under $15M | 3.25% |
| $15M – under $20M | 3.50% |
| $20M – under $25M | 3.75% |
| $25M and up | 3.90% |
Worked examples
| Example | Rate | Mansion tax due |
|---|---|---|
| $1,200,000 purchase | 1.00% | $12,000 |
| $2,500,000 purchase | 1.25% | $31,250 |
| $5,000,000 purchase | 2.25% | $112,500 |
What it means for your budget
The mansion tax is due at closing, in cash, on top of the down payment and the mortgage recording tax. Under $1M there is no mansion tax at all — which is why so many NYC listings are priced at $995,000.