Cash to buy / The mansion tax
The mansion tax
A one-off New York State tax on buying a home for $1 million or more, with extra brackets in New York City. Enter a price to see it.
Available now, no account neededHow it works
The tax is a percentage of the whole price once the price reaches $1,000,000; it isn't charged only on the part above $1 million. It covers one-, two- and three-family houses, condo units and co-op apartments used as a home. Outside New York City it's 1% at every price. In the city a supplemental tax adds to it from $2 million, and the combined rate for your price applies to the whole price. NY Tax Department: transfer taxes · checked 21 Oct 2026
Rates in New York City
| Price | Mansion tax | Supplemental | Combined |
|---|---|---|---|
| $1,000,000 to under $2,000,000 | 1% | None | 1% |
| $2,000,000 to under $3,000,000 | 1% | 0.25% | 1.25% |
| $3,000,000 to under $5,000,000 | 1% | 0.5% | 1.5% |
| $5,000,000 to under $10,000,000 | 1% | 1.25% | 2.25% |
| $10,000,000 to under $15,000,000 | 1% | 2.25% | 3.25% |
| $15,000,000 to under $20,000,000 | 1% | 2.5% | 3.5% |
| $20,000,000 to under $25,000,000 | 1% | 2.75% | 3.75% |
| $25,000,000 or more | 1% | 2.9% | 3.9% |
Under $1,000,000: none. Form TP-584-NYC instructions (supplemental tax brackets) · checked 21 Oct 2026 Model rates · rates checked 2026-10-14
Who pays
The buyer, by law. If the buyer doesn't pay it, or is exempt, the seller has to. NY Tax Department · checked 21 Oct 2026
Worked examples
| Example | Tax | How |
|---|---|---|
| A $999,000 condo in Manhattan | $0 | Under $1,000,000, so none |
| A $2,000,000 co-op in Manhattan | $25,000 | 1.25% × $2,000,000 |
| A $6,200,000 house in the Hamptons | $62,000 | 1% × $6,200,000 |
Common mistakes
- Charging it only above $1 million. At $1,000,000 the tax is $10,000, not zero; at $999,999 it is nothing.
- Treating the city brackets like income tax bands. The rate for your bracket applies to the whole price: $1,999,999 in Manhattan costs $20,000, and $2,000,000 costs $25,000.
- Using the city rates in the Hamptons. Outside the city it stays at 1% however high the price.
- Forgetting co-ops. A co-op apartment counts as residential property, so it pays the same mansion tax as a condo.
Estimates for planning, not legal or tax advice; your attorney confirms the closing statement.