NYC transfer tax calculator
When a New York City property sells, the seller customarily pays two transfer taxes: the NYC Real Property Transfer Tax and the New York State transfer tax. Together they typically run 1.4%–2.075% of the sale price on residential deals.
The rates
| Tax | Sale price | Rate |
|---|---|---|
| NYC RPTT (residential) | $500,000 or less | 1.000% |
| NYC RPTT (residential) | Over $500,000 | 1.425% |
| NYS transfer tax | Under $3,000,000 | 0.400% |
| NYS transfer tax (residential) | $3,000,000 and up | 0.650% |
Who pays the transfer tax in NYC — the buyer or the seller?
The seller, by custom and contract — with one big exception: in new-development purchases sponsors routinely pass both transfer taxes to the buyer, adding roughly 1.8%+ to the buyer’s closing costs (about $36,000 extra on a $2M sponsor unit) on top of the mansion tax and mortgage recording tax. And because the tax the buyer covers counts as extra consideration, it gets grossed up — taxed itself — in the closing math.