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 |
Is the mansion tax on the whole price or just the amount over $1 million?
The whole price — it’s a cliff, not a marginal tax. At $999,999 the mansion tax is $0; at $1,000,000 it is $10,000 (1% of the entire price). That one-dollar difference costs $10,000 — which is why so many NYC listings are priced at $995,000, and why negotiating under the threshold is real money.
Who pays the mansion tax — the buyer or the seller?
The buyer, in cash at closing, on top of the down payment and the mortgage recording tax. Sellers pay the separate transfer taxes.
Does the mansion tax apply to co-ops?
Yes — everything residential is covered: co-ops, condos, townhouses, and houses alike. Unlike the mortgage recording tax, there is no co-op escape hatch.