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New York Closing Cost Calculator
New York sellers pay $2 per $500 in transfer tax; buyers add a 1% mansion tax from $1 million, and New York City adds its own tax. Calculate the buyer’s mansion tax and the seller’s transfer charges separately. For New York City, the worksheet also applies the supplemental buyer tax, additional state base tax and ordinary residential city transfer tax.
New York residential transfer and settlement worksheet
Reviewed 2026–2027 ordinary nonexempt deed of a fully residential one-to-three-family house or individual condo, one property, no continuing-lien deduction or tax gross-up. The seller pays the state base tax of $2 per $500 or fraction when consideration exceeds $500; in New York City a sale of $3,000,000 or more adds $1.25 per $500 on the full consideration. The buyer pays the 1% mansion tax when consideration is $1,000,000 or more, plus, in New York City, a supplemental tax at a whole-price rate once consideration reaches $2,000,000. New York City’s ordinary residential local tax applies when consideration is more than $25,000: 1% of the full consideration up to $500,000, or 1.425% of the full consideration above $500,000. Outside NYC requires separate buyer/seller local quotes. Mixed use, co-ops, multi-property, exemptions, special contracts and financing taxes require quotes.
- New York Tax Department: rates and payer liability
- New York Tax Law 1402: base and additional base taxes
- New York Tax Law 1402-b: supplemental tiers
- TP-584-NYC instructions, revised August 2025
- New York Tax Department: worked payer examples
- NYC311: residential local transfer rates
- NYC Independent Budget Office: local seller tax
The mansion tax starts at exactly $1 million
The New York Tax Department identifies a 1% additional tax on residential consideration of at least $1 million. For a fully residential conveyance, it applies to the entire amount: $999,999 creates no mansion tax, while $1 million creates $10,000.
The buyer ordinarily pays the mansion and supplemental taxes. The seller ordinarily pays state base taxes. If the liable party does not pay or is exempt, the other party can become responsible under the state rules. This worksheet assumes the ordinary allocation; a full side-specific transfer quote handles a different agreement or liability.
Seller base tax and the NYC $3 million threshold
Tax Law 1402 imposes $2 per $500 or fraction when consideration exceeds $500. For a qualifying NYC residential conveyance of $3 million or more, another $1.25 per $500 applies to the full amount.
With no continuing-lien deduction, a $3 million NYC home produces $12,000 base tax plus $7,500 additional base tax. The combined seller state amount is $19,500 before the city’s own tax. A $500,000.01 taxable value uses 1,001 blocks, so the ordinary state base is $2,002 rather than a flat percentage rounded at the end.
NYC supplemental buyer tax uses whole-price tiers
Tax Law 1402-b applies the selected rate to residential consideration, rather than taxing only the amount above a bracket boundary. For the fully residential scope used here, the supplemental tax is added to the 1% mansion tax.
| Full consideration | Supplemental rate | Combined buyer state rate |
|---|---|---|
| $1,000,000 to less than $2,000,000 | 0% | 1% |
| $2,000,000 to less than $3,000,000 | 0.25% | 1.25% |
| $3,000,000 to less than $5,000,000 | 0.5% | 1.5% |
| $5,000,000 to less than $10,000,000 | 1.25% | 2.25% |
| $10,000,000 to less than $15,000,000 | 2.25% | 3.25% |
| $15,000,000 to less than $20,000,000 | 2.5% | 3.5% |
| $20,000,000 to less than $25,000,000 | 2.75% | 3.75% |
| $25,000,000 or more | 2.9% | 3.9% |
NYC’s local RPTT is another charge
NYC311’s published residential rates are 1% through $500,000 and 1.425% above that amount. Ordinary taxable transfers above $25,000 fall within the local charge; the model uses the residential schedule only for the supported house or condo deed.
The city’s Independent Budget Office describes this as a seller-paid transaction tax. At $500,000 the city portion is $5,000. At $500,000.01, it is approximately $7,125. The city threshold changes the rate on the whole consideration.
| Scenario | Taxable value | State tax | Local amount | Tax subtotal |
|---|---|---|---|---|
| NYC ordinary residential deed: $999,999 | $999,999.00 | $4,000.00 | $14,249.99 | $18,249.99 |
| NYC ordinary residential deed: $1,000,000 | $1,000,000.00 | $14,000.00 | $14,250.00 | $28,250.00 |
| NYC ordinary residential deed: $2,000,000 | $2,000,000.00 | $33,000.00 | $28,500.00 | $61,500.00 |
| NYC ordinary residential deed: $3,000,000 | $3,000,000.00 | $64,500.00 | $42,750.00 | $107,250.00 |
| NYC ordinary residential deed: $7,000,000 | $7,000,000.00 | $203,000.00 | $99,750.00 | $302,750.00 |
State tax in this table combines both parties’ state charges. The calculator displays buyer and seller totals separately; the full tax subtotal is not charged to each party.
A $7 million NYC example reconciles both sides
The Tax Department’s worked residential example gives $28,000 base and $17,500 additional base tax for the seller. The buyer owes $70,000 mansion tax plus $87,500 supplemental tax. These state totals are $45,500 seller and $157,500 buyer.
For the ordinary local residential scope used here, NYC RPTT adds $99,750 to the seller’s side. That produces $145,250 seller transfer taxes and $157,500 buyer transfer taxes, before financing, title, recording or legal costs.
Outside NYC, local charges need their own confirmation
The NYC additions do not apply simply because the property is somewhere in New York State. Outside the city, this model still computes the state base and mansion tax, but asks for confirmed local amounts assigned to each side.
Include any applicable county, city, town, preservation or housing-fund transfer charges in those local quotes. Enter zero only after confirming that none apply. Those entries exclude the state amounts already calculated here and do not stand in for mortgage recording taxes.
When this ordinary model needs a quote
The current TP-584-NYC instructions distinguish continuing liens, mixed residential and commercial consideration, multiple related properties and grandfathered contracts. These can change the taxable base, threshold treatment or applicable taxes.
Use a full transfer quote for those circumstances, co-ops, exemptions, partial interests, commercial transfers or tax gross-ups. A newly borrowed mortgage is not automatically a continuing lien deduction. The ordinary option here requires no such deduction and uses one confirmed full consideration amount.
Complete the settlement estimate
Transfer taxes are only part of cash to close or seller proceeds. Add actual lender charges, mortgage recording taxes, title and legal expenses, document filing fees, credits, payoff and prepaids in the appropriate worksheet lines. Confirm whether each provider’s quote already includes a tax before entering it again.
Last reviewed 2026-10-15. Worksheet methodology.
Questions about New York
- Does New York mansion tax apply only above $1 million?
- For a fully residential taxable conveyance, the 1% mansion tax starts at $1 million and applies to the full consideration. A qualifying $1 million purchase creates $10,000 of buyer mansion tax.
- How are taxes divided on a $7 million ordinary NYC home sale?
- Under this model’s ordinary residential scope, the buyer owes $157,500 in mansion and supplemental taxes. Seller state base taxes total $45,500 and NYC RPTT adds $99,750, giving $145,250 for the seller. Mortgage and recording charges are additional.