Cash to buy / NYC and NYS transfer taxes
NYC and NYS transfer taxes
The taxes on the deed when a home changes hands: New York City's Real Property Transfer Tax and New York State's transfer tax. Enter a price to see both.
Available now, no account neededNew York City: the RPTT
| Home (1–3 family house, condo unit or co-op apartment) | Rate |
|---|---|
| $500,000 or less | 1% |
| More than $500,000 | 1.425% |
It applies to sales above $25,000, including transfers of co-op shares, and the rate for the price applies to the whole price. Other property pays more (1.425% and 2.625%); these pages cover homes only. NYC Department of Finance: RPTT · checked 21 Oct 2026
New York State: the transfer tax
| Sale | Rate |
|---|---|
| Anywhere in the state | 0.4% ($2 per $500) |
| A home in New York City for $3,000,000 or more | 0.65% (with the 0.25% additional base tax) |
NY Tax Department: transfer taxes · checked 21 Oct 2026 Model rates · rates checked 2026-10-14
Who pays
The state tax: the seller, by law, and the buyer can't be made to pay it except by agreement in the contract; if the seller doesn't pay, the buyer becomes liable too. NY Tax Department · checked 21 Oct 2026
The city tax: in practice the seller pays it in a resale. The Department of Finance's page doesn't say which party owes it, and it can pursue both buyer and seller if it isn't paid. NYC Department of Finance · checked 21 Oct 2026
New developments: in practice sponsors usually pass both taxes to the buyer in the contract, which is why the calculator moves them to you when you tick "Bought from the developer". It's often negotiable.
Worked examples
| Example | Tax | How |
|---|---|---|
| A $450,000 Manhattan co-op resale | $6,300 | NYC $4,500 + NYS $1,800; the seller pays |
| A $2,500,000 Manhattan condo resale | $45,625 | NYC $35,625 + NYS $10,000; the seller pays |
| A $3,500,000 new-development condo | $72,625 | NYC $49,875 + NYS $22,750; passed to the buyer |
Common mistakes
- Assuming the buyer pays in a resale. In a resale both are normally the seller's costs; they come off the seller's proceeds.
- Missing the $3 million step. It applies to the whole price: the state tax on $2,999,999 is $12,000, on $3,000,000 it's $19,500.
- Budgeting for city tax in the Hamptons. There's no RPTT outside the city; the Hamptons have the Peconic Bay tax instead, paid by the buyer.
- Not reading a sponsor contract. Passed to the buyer, they add $72,625 to the cash needed on a $3,500,000 new-development condo.
Estimates for planning, not legal or tax advice; your attorney confirms the closing statement.