NYC Mansion Tax Calculator
Estimate the graduated NYS mansion tax on a residential purchase of $1M or more.
The mansion tax applies to the entire purchase price (not just the amount over $1M) on residential purchases of $1,000,000 or more, and is paid by the buyer at closing. It is separate from the NYC/NYS transfer taxes (typically paid by the seller). Estimate only — confirm with your attorney.
What Is the Mansion Tax?
The New York State "Mansion Tax" is an additional transfer tax on residential real property purchases of $1 million or more. Despite the name, it applies to apartments, condos, co-ops, and houses, not just mansions. The tax is paid by the buyer.
Graduated Mansion Tax Rates (2026)
Since 2019, the Mansion Tax uses graduated rates:
- $1,000,000 to $1,999,999: 1.00%
- $2,000,000 to $2,999,999: 1.25%
- $3,000,000 to $4,999,999: 1.50%
- $5,000,000 to $9,999,999: 2.25%
- $10,000,000 to $14,999,999: 3.25%
- $15,000,000 to $19,999,999: 3.50%
- $20,000,000 to $24,999,999: 3.75%
- $25,000,000 and above: 3.90%
Example Calculations
Purchase at $1,500,000:
- Mansion Tax: $1,500,000 x 1.00% = $15,000
Purchase at $5,000,000:
- Mansion Tax: $5,000,000 x 2.25% = $112,500
Purchase at $25,000,000:
- Mansion Tax: $25,000,000 x 3.90% = $975,000
Important Notes
The Mansion Tax rate applies to the entire purchase price, not just the amount above $1 million. This creates a "cliff effect" where a purchase at $999,999 pays no Mansion Tax but a purchase at $1,000,000 pays $10,000. For this reason, many transactions are structured just below the threshold.
Mansion Tax on Co-ops
For co-op purchases, the Mansion Tax is calculated on the total consideration, which includes the purchase price of shares plus the buyer pro-rata share of the underlying mortgage. This can push a nominally sub-$1M purchase above the threshold.
Frequently Asked Questions
What is the NYC Mansion Tax?
The Mansion Tax is a NYS transfer tax paid by buyers of residential property costing $1 million or more. Rates are graduated from 1.0% to 3.9% depending on the purchase price.
Who pays the Mansion Tax?
The buyer pays the Mansion Tax. It is due at closing and cannot be financed into the mortgage. It is in addition to the standard NYS and NYC transfer taxes, which are typically paid by the seller.