Updated October 2026. New York State Department of Taxation and Finance, Tax Law § 1402-b, NYC Department of Finance, Erie County Clerk and City of Yonkers pages checked on October 31, 2026.
In New York, the seller pays the state transfer tax of $2 per $500 (0.4%), and the buyer pays the 1% mansion tax on homes of $1 million or more. As of October 2026, New York City sellers also pay the city’s RPTT of 1% or 1.425%, and NYC buyers at $2 million and up pay an extra 0.25% to 2.9%.
Beycome doesn’t list homes in New York yet. This guide covers the taxes every New York seller and buyer meets at closing.
Jump to: 🏛️ State tax · 🏰 Mansion tax · 🗽 NYC · 📊 Examples · 📍 Local taxes · 📝 Filing · ❓ FAQ
Key takeaways
- State tax: $2 for each $500 of the price, and any part of $500 counts as a full $500.
- Mansion tax: 1% of the whole price, paid by the buyer, once a home sells for $1 million or more.
- NYC adds its own transfer tax for the seller: 1% up to $500,000, then 1.425% of the whole price.
- Some places add more. Erie County adds $2.50 per $500, and Yonkers adds 1.5%.
How much is the New York State transfer tax, and who pays it?
The state taxes a sale when the price is over $500. The rate is $2 for each $500, “or fractional part thereof.” So you divide the price by $500, round up, and multiply by $2. That works out to 0.4%, give or take a dollar.
The seller pays. The Department of Taxation and Finance says the base tax is paid by the grantor and shall not be paid by the buyer “except as provided in a contract.” If the seller doesn’t pay, or is exempt, the buyer must. In that case, both become liable, and the buyer can recover the tax from the seller.
Here’s a quick check. On a $400,000 home, 800 units of $500 times $2 is $1,600. On the typical New York home, worth $524,900 in September 2026 per the Zillow Home Value Index, it’s $2,100.
What is the New York mansion tax, and who pays it?
The mansion tax is an extra 1% of the price on a residence that sells for $1 million or more. A residence here means a one, two or three family house, a condo unit or a co-op apartment.
The buyer pays it. If the buyer doesn’t pay, or is exempt, the seller must, and the tax becomes the joint liability of both.
The threshold works like a cliff. At $999,999, there’s no mansion tax. At $1,000,000, it’s $10,000 on the full price. Buyers and sellers sometimes talk about this when an offer lands just above the line, so it helps to know the math before you counter.
What transfer taxes apply in New York City?
NYC sales carry two layers. The state taxes above still apply. On top of them, the city charges its own Real Property Transfer Tax, or RPTT.
The city RPTT, paid by the seller
For a one to three family house, a condo unit or a co-op apartment, the city rate is 1% if the price is $500,000 or less, and 1.425% if it’s more. The higher rate applies to the whole price, not just the part above $500,000. The NYC Administrative Code, § 11-2104, puts the tax on the grantor first. The buyer becomes liable if the seller doesn’t pay or is exempt.
The state’s extra NYC taxes
Since July 1, 2019, the state adds two more taxes on NYC homes:
- An additional base tax of $1.25 per $500 on homes of $3 million or more, paid by the seller.
- A supplemental tax on homes of $2 million or more, paid by the buyer, on top of the 1% mansion tax.
The supplemental tax climbs with the price, per Tax Law § 1402-b:
| NYC home price | Supplemental tax | Plus 1% mansion tax (buyer total) |
|---|---|---|
| $2 million to under $3 million | 0.25% | 1.25% |
| $3 million to under $5 million | 0.50% | 1.50% |
| $5 million to under $10 million | 1.25% | 2.25% |
| $10 million to under $15 million | 2.25% | 3.25% |
| $15 million to under $20 million | 2.50% | 3.50% |
| $20 million to under $25 million | 2.75% | 3.75% |
| $25 million or more | 2.90% | 3.90% |
How much transfer tax will you pay? Examples by price
Here’s what each side owes at common prices, using the rates above. These are the taxes only, not the rest of the closing costs.
| Price and place | Seller: state tax | Seller: NYC RPTT | Seller total | Buyer total |
|---|---|---|---|---|
| $400,000, outside NYC | $1,600 | None | $1,600 | $0 |
| $400,000, NYC | $1,600 | $4,000 (1%) | $5,600 | $0 |
| $825,900, NYC (typical city home) | $3,304 | $11,769.08 (1.425%) | $15,073.08 | $0 |
| $1,200,000, outside NYC | $4,800 | None | $4,800 | $12,000 (1%) |
| $1,200,000, NYC | $4,800 | $17,100 | $21,900 | $12,000 (1%) |
| $2,500,000, NYC | $10,000 | $35,625 | $45,625 | $31,250 (1.25%) |
| $3,500,000, NYC | $14,000 + $8,750 additional base tax | $49,875 | $72,625 | $52,500 (1.5%) |
The $825,900 row is the typical New York City home value in September 2026 (Zillow Home Value Index). Outside NYC, a few counties and cities add their own tax, covered next. Our guide on who pays closing costs covers the rest of the settlement sheet.
Do New York counties and cities add their own transfer tax?
Some do. Most of the state pays only the state tax, but there are exceptions worth checking before you set a price.
Sell smarter
List your home on the MLS from $99
A flat fee instead of a percentage, and $0 to Beycome at closing. You stay in control of your sale.
Sell your home →Buy smarter
Get up to 2% back at closing
On homes listed by other agents, Beycome credits you up to 2% of the price at closing (1% kept, $1,499 minimum; not on FSBO homes or homes listed by Beycome sellers).
Buy a home →- Erie County, which includes Buffalo, charges $2.50 per $500 on top of the state’s $2. The seller pays the total of $4.50 per $500. Owners aged 62 or older who have lived in a one or two family home for at least a year can claim a reduction to $2 per $500.
- The City of Yonkers charges 1.5% of the price, paid by the seller, on sales over $25,000. Co-op sales are exempt from the Yonkers tax.
Other towns have their own rules, so ask your attorney or title company for the exact rate at your address. On a $244,100 Buffalo home, the typical city value in September 2026, the Erie County total comes to $2,200.50. On a $701,800 Yonkers home, the state and city taxes together are $13,335.
How do you file and pay the New York transfer tax?
Outside New York City, you file Form TP-584 with the county clerk where the home sits. The form and the tax are due within 15 days after the deed is delivered. In practice, it goes in with the deed at recording. The county clerk also charges filing fees. In Erie County, for example, TP-584 costs $10 to file.
In New York City, the state form is TP-584-NYC. The city RPTT return is built online in ACRIS, and the tax and return are due within 30 days of the transfer, even when no tax is owed.
Two details can change your number. If the buyer pays the state transfer tax under the contract on a home sale, that amount isn’t added to the taxable price. And if the buyer takes over an existing mortgage on a one to three family home or a condo unit, the balance that stays on the property comes off the taxable amount. Our closing cost guide shows how taxes fit with the other fees.
How do transfer taxes fit into selling your New York home?
For a seller, the state tax is a fixed cost, so put it in your net sheet on day one. In NYC, the jump from 1% to 1.425% at $500,000 matters as much as the mansion tax does for buyers at $1 million.
If you’re selling on your own, start with our guide on for sale by owner contracts, since the contract is where any change to who pays what gets written. To check your annual tax bill before you price, use our New York property tax lookup guide. For a price range, try our home value calculator.
More New York guides: How to Sell Your House in New York Without a Realtor (2026), New York Property Condition Disclosure: What Sellers Must Disclose in 2026, Do You Need a Lawyer to Sell a House in New York? (2026), Sell Your House by Owner in Buffalo, NY: Taxes, Fees and Steps (2026).
New York transfer tax questions
Who pays the transfer tax in New York, buyer or seller?
The seller pays the state transfer tax and, in NYC, the city RPTT. The buyer pays the mansion tax and, in NYC, the supplemental tax. A contract can shift the state tax to the buyer.
What is the New York State transfer tax rate?
$2 for each $500 of the price, about 0.4%. Any part of $500 counts as a full $500.
How much is the mansion tax in New York?
1% of the full price on a residence that sells for $1 million or more, paid by the buyer. In NYC, buyers at $2 million and up pay an extra 0.25% to 2.9%.
What is the NYC real property transfer tax rate?
For homes, condos and co-ops, 1% if the price is $500,000 or less, and 1.425% if it’s more. The seller pays it first.
How much transfer tax is due on a $1 million home in New York?
Outside NYC, the seller pays $4,000 in state tax and the buyer pays $10,000 in mansion tax. In NYC, the seller also pays $14,250 in city RPTT.
When is the New York transfer tax due?
The state tax and Form TP-584 are due within 15 days after the deed is delivered. The NYC RPTT return is due within 30 days of the transfer.
Does Buffalo have a transfer tax?
Erie County adds $2.50 per $500 to the state’s $2, so sellers in Buffalo pay $4.50 per $500 in total.
Reviewed by Beycome Brokerage Realty LLC, a licensed real estate brokerage. Licenses: beycome.com/faq/how-to/are-you-a-licensed-broker/.
Tax figures use the rates published by the New York State Department of Taxation and Finance, Tax Law § 1402-b, the NYC Department of Finance, the Erie County Clerk and the City of Yonkers, read on October 31, 2026. Example amounts are rounded to the cent and assume a residential sale with no exemptions. Home values: Zillow Home Value Index, September 2026.
This is general information, not tax or legal advice. Ask a New York real estate attorney or tax advisor for your own numbers.
Sources
- New York State Department of Taxation and Finance, Real estate transfer tax: tax.ny.gov, read October 31, 2026.
- New York Tax Law § 1402-b, Supplemental tax in cities of one million or more: nysenate.gov, read October 31, 2026.
- NYC Department of Finance, Real Property Transfer Tax: nyc.gov, read October 31, 2026.
- NYC Tax Appeals Tribunal determination quoting Administrative Code § 11-2104: nyc.gov.
- Erie County Clerk, Record a Deed: erie.gov, read October 31, 2026.
- City of Yonkers, Real Estate Transfer Tax: yonkersny.gov, read October 31, 2026.
- Zillow Research, Zillow Home Value Index (September 2026): zillow.com.
Disclosure & Disclaimer
Beycome provides real estate services through affiliated licensed brokerages and has a commercial interest in the services and business models discussed on this blog. Content reflects Beycome’s perspective and may promote our services; it should not be treated as independent or neutral reporting.
Articles are provided for general informational and educational purposes only, not as financial, tax, legal, or investment advice or a recommendation for your particular situation. Reading this blog does not create a brokerage, advisory, or other professional relationship.
Information, opinions, pricing, service descriptions, and comparisons reflect the sources and information available when an article was published or last updated and may change. Although we aim for accuracy, we do not guarantee that all content is complete, current, or applicable to your circumstances. Laws, market conditions, and service availability vary by location. Examples and estimated savings are illustrative, depend on stated assumptions, and do not guarantee individual results.
Verify relevant information directly and consult qualified professionals before making decisions. Beycome services are subject to applicable agreements, eligibility requirements, and state-specific terms.
