Property tax, transfer tax and closing costs in New York

New York: State real estate transfer tax of $2 per $500 of consideration (0.4%), plus 0.25% on residential sales of $3 million or more in New York City. Mansion tax of 1% paid by the buyer on residences of $1 million or more, graduated up to 3.9% in New York City. Seller pays the transfer tax by statute. Buyer pays the mansion tax. Set locally. Most municipalities have no fixed cycle. New York City assesses annually.

Reviewed October 15, 2026. Every line links its statute or official source.

What New York sets

Transfer tax: State real estate transfer tax of $2 per $500 of consideration (0.4%), plus 0.25% on residential sales of $3 million or more in New York City. Mansion tax of 1% paid by the buyer on residences of $1 million or more, graduated up to 3.9% in New York City. Source: tax.ny.gov
Who customarily pays: Seller pays the transfer tax by statute. Buyer pays the mansion tax. Source: tax.ny.gov
Local transfer taxes: New York City real property transfer tax of 1% on residential sales up to $500,000 and 1.425% above, paid by the seller, plus the state’s additional 0.25% on residential sales of $3 million or more and a mansion tax graduated from 1% at $1 million to 3.9% at $25 million, paid by the buyer. Several counties and towns, including the Peconic Bay towns, levy their own. Source: nyc.gov
Reassessment cycle: Set locally. Most municipalities have no fixed cycle. New York City assesses annually. Source: tax.ny.gov
Homestead and other exemptions: STAR exemption or credit on school taxes for owner-occupied primary residences with income under $500,000. Senior and veterans exemptions by local option. Source: tax.ny.gov
Owner’s title policy: Buyer customarily pays for the owner’s title policy. Source: dfs.ny.gov
How closings run: Attorney closings are customary. Source: dfs.ny.gov
Survey: Not stated. No official source confirmed this yet.
Other closing customs: Not stated. No official source confirmed this yet.

New York transfer tax on a $424,000 sale

State real estate transfer taxseller pays$1,696$424,000 ÷ $500 = 848 units (rounded up for any fraction) × $2 = $1,696
Mansion tax (outside New York City)buyer pays$0$424,000 is not over $999,999.99, so no tax applies

seller pays: $1,696
buyer pays: $0
Total transfer tax: $1,696

Statutory transfer taxes on a $424,000 sale, as of the reviewed date. Who pays is custom and contract outside the statute’s primary liability. Local taxes described above are not in this figure unless listed as a line. Recording fees, title and attorney charges are separate.

Open the New York transfer tax calculator, with a link to share and an embed for your site.

Typical property tax in New York

Median real-estate tax paid: $6,582 a year
Per month: $549
Median owner-occupied home value: $423,800
Effective rate they imply: 1.55%

Census American Community Survey five-year file, 2020-2024, tables B25103 and B25077, owner-occupied homes. The median bill rose 22% against the 2015-2019 file. An estimate for a typical home, not yours. Your bill depends on the parcel, its exemptions and the next reassessment.

For agents

Your buyers ask what closing costs in New York and who pays. This page answers from the statute, with the date it was checked. Send it, or embed the calculator on your own site.

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One email when New York rates, exemptions or transfer taxes change, and when the next reassessment lands.

Sources

Ike Mortgage LLC. NMLS ID pending. For licensing information, go to: www.nmlsconsumeraccess.org. Nothing on this page is a loan payment, rate, term or down payment, and nothing here is a Loan Estimate.