Money & taxes · Closing

New York State and NYC transfer taxes usually split into seller-side and buyer-side costs.

The seller commonly budgets the state base tax and, in the City, RPTT. A qualifying residential buyer starts watching mansion tax when the whole conveyance reaches $1 million. Local transfer taxes outside NYC, including Yonkers, are not in the estimator.

The ordinary closing

Separate the seller taxes from the buyer taxes

Usually, the seller budgets the state base transfer tax and any NYC RPTT, while the buyer budgets mansion and supplemental tax. That is the customary cash plan, not the whole liability rule. This estimator covers New York State and NYC taxes for one ordinary property or unit; it does not cover local taxes elsewhere.

State transfer tax

The basic rate is $2 for each $500, or 0.4%, when consideration is more than $500.

The exact calculation rounds every fraction of $500 up. A permitted continuing-lien deduction can lower this state tax base without lowering the gross amount used for mansion tax. Qualifying NYC transfers can add $1.25 per $500.

Current state transfer-tax form instructions ->

Mansion tax

Gross consideration of $1 million or more can trigger a 1% tax on the residential portion.

The whole conveyance chooses the threshold, even when only part is residential. In NYC, a $2 million-or-more qualifying conveyance also selects one supplemental tier; the rate is applied to the full residential allocation, not just the dollars above the tier.

State mansion-tax guide and mixed-use examples ->

NYC RPTT

New York City adds a separate tax when consideration is more than $25,000.

Eligible homes and units use 1% through $500,000 and 1.425% above it. Four or more units and most other transfers use 1.425% through $500,000 and 2.625% above it. Configuration on the transfer date controls.

NYC procedure for choosing the RPTT schedule ->

Who is liable

Customary seller-side and buyer-side budgeting does not erase the statutory fallback.

State base and additional base tax start with the grantor, with grantee fallback. Mansion and supplemental tax start with the grantee, with grantor fallback. NYC RPTT can reach the grantee when the grantor does not pay or is exempt.

State payment and liability guidance ->

Hard boundary

Do not use this estimator for a package deal, special exemption, credit, or unusual co-op transfer.

Unrelated properties or units need separate apportionment. Sponsor and multi-unit co-op transfers can include building debt and use another RPTT schedule. Yonkers and some other places can add local transfer taxes outside this tool.

NYC RPTT rules and exemptions ->

Ordinary example

A $1.2 million house outside New York City

The basic state transfer tax is $4,800, usually budgeted on the seller side. The 1% mansion tax is $12,000, usually budgeted on the buyer side. Mortgage tax and the rest of the closing costs are not included.

What changes the answer

Inside New York City: NYC RPTT applies, and higher-value transfers can pick up extra state and buyer taxes.
Configuration and number of units: A store with two apartments can qualify where a store with three apartments does not. One co-op resale is not a sponsor or multi-unit transfer.
Liens, contract, exemptions, and credits: They can change the taxable base, legal payment duty, gross-up calculation, or whether a tax applies at all.

Do this next

Separate the three bases Have the attorney identify gross consideration, state taxable consideration, and NYC RPTT consideration before using adjusted fields.
Confirm the legal configuration Count every residential and commercial unit and identify whether a co-op transfer is one ordinary resale.
Ask for a complete closing sheet Include mortgage, filing, building, local-tax, credit, exemption, and nonresident-payment lines that this tool leaves out.

More money and property paths

Home & Property Money notes Quick reference Property-tax estimator NYC property tax STAR Equalization rates Assessment review and grievance Co-op vs. condo Local income tax Rent stabilization

Estimator

NYS and NYC transfer-tax estimate

This is for one ordinary, taxable property or unit. It separates gross consideration from the state and NYC tax bases, then shows the main state transfer, mansion, supplemental, and NYC RPTT lines.

Gross consideration$In New York City

A continuing lien or another permitted adjustment changes a tax base. Check this only when the closing professional has identified the taxable consideration for the state return or NYC RPTT.

NYS base + NYC add-on

$3,400

NYC RPTT

$0

Buyer mansion/supplemental

$0

Customary budget: $3,400 in state base/additional tax and NYC RPTT is commonly treated as seller-side. A contract can shift the economic cost.

Customary budget: $0 in mansion and NYC supplemental tax is commonly treated as buyer-side.

Legal fallback is separate. State base and additional base tax are imposed on the grantor, with a grantee duty if the grantor fails or is exempt. Mansion and supplemental tax are imposed on the grantee, with grantor fallback. NYC RPTT can also reach the grantee when it remains unpaid or the grantor is exempt.

This tool rejects the hard cases by scope. Do not use it for a package of unrelated properties or units, a sponsor or multi-unit co-op transfer, a controlling-interest transfer, a pre-April 2, 2019 contract, an exemption, a prior-tax credit, a REIT rate, or a local transfer tax outside NYC. Mortgage recording tax, lender, filing, RP-5217, title, attorney, flip-tax, adjustment, and possible nonresident estimated-income-tax payments are also excluded. Confirm every classification, allocation, lien treatment, exemption, credit, local tax, and filing position with the closing attorney. Rates reviewed July 14, 2026. Confirm the current official forms and the closing attorney's calculation before closing.

What the estimate still leaves out

Do not wait for the final closing disclosure to learn these names. Ask your attorney or lender for a line-item estimate early, especially if the home is near $1 million, inside New York City, or both.

Also ask whether the contract shifts any seller-side tax to the buyer. That can change the economic cost and may require a gross-up calculation, but it does not erase the statutory fallback duties described above.

Financing a co-op is a different kind of closing from financing a house or condo. Ask the lender and attorney for the co-op loan and UCC filing costs rather than budgeting for a real-property mortgage recording tax. Ask for the RP-5217 filing fee, any local transfer tax, and any nonresident estimated-income-tax payment as separate lines.

Official sources

Reviewed July 14, 2026. This estimator covers one ordinary taxable conveyance under the current state and NYC schedules. Confirm consideration, lien treatment, property configuration, apportionment, exemptions, credits, local taxes, and current forms with the closing attorney.

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