NYC Transfer Tax Calculator
Estimate the combined NYC and New York State transfer tax due on a sale.
Customarily paid by the seller, but negotiable — for new-development sales the sponsor often passes these to the buyer. Does not include the buyer's mansion tax (residential $1M+) or mortgage recording tax. Co-op transfers follow different RPTT thresholds. Estimate only.
NYC Real Property Transfer Tax (RPTT)
NYC imposes a transfer tax on all sales or transfers of real property:
- Residential (1-3 family, condo units): 1.0% on sales of $500,000 or less; 1.425% on sales above $500,000
- All other property: 1.425% on sales of $500,000 or less; 2.625% on sales above $500,000
NYS Real Estate Transfer Tax
New York State also imposes a transfer tax:
- Standard rate: 0.4% ($2 per $500 of consideration)
- Supplemental tax (NYC): an additional 0.25% applies within New York City on residential sales of $3 million or more and on commercial / non-residential sales of $2 million or more
Example Calculation: Condo Sale at $1,500,000
- NYC RPTT: $1,500,000 x 1.425% = $21,375
- NYS Transfer Tax: $1,500,000 x 0.4% = $6,000
- Total Transfer Tax: $27,375
- (Mansion Tax would apply separately to the buyer)
Example Calculation: Commercial Sale at $5,000,000
- NYC RPTT: $5,000,000 x 2.625% = $131,250
- NYS Transfer Tax: $5,000,000 x 0.4% = $20,000
- NYS Supplemental (commercial $2M+): $5,000,000 x 0.25% = $12,500
- Total Transfer Tax: $163,750
Who Pays the Transfer Tax?
By NYC custom, the seller typically pays the NYC RPTT and NYS transfer tax. However, for new development sales, the buyer often pays both as the sponsor passes through these costs. Co-op sales have different rules: NYC RPTT applies but at different thresholds.
Exemptions
Certain transfers are exempt or partially exempt: transfers to government entities, transfers to or from certain nonprofits, transfers pursuant to court order, and transfers between related entities (with limitations). Consult a real estate attorney for specific exemption applicability.
Frequently Asked Questions
How much is NYC transfer tax?
NYC RPTT is 1.0-1.425% for residential properties and 1.425-2.625% for commercial, depending on the sale price. Combined with NYS transfer tax (0.4%, plus a 0.25% NYC supplemental on residential sales of $3M+ and commercial sales of $2M+), total transfer taxes range from about 1.4% to 3.3% of the sale price.
Does the buyer or seller pay transfer tax in NYC?
Customarily, the seller pays both NYC and NYS transfer taxes. However, for new development purchases, the buyer often pays as the sponsor passes through costs. The allocation is negotiable.