New York stacks multiple transfer taxes on a single closing: a 0.4% New York State Real Estate Transfer Tax on most transfers, plus — for New York City specifically — a separate NYC Real Property Transfer Tax (1% under $500,000, 1.425% at or above) and, for buyers, a Mansion Tax starting at 1% on purchases over $1 million.
On a $1.5M NYC condo purchase with financing, buyers should budget roughly $75,000–$100,000 in total closing costs.
Who typically pays: Sellers pay the NY State transfer tax and the NYC Real Property Transfer Tax. Buyers pay the Mansion Tax.
The Mansion Tax is a "whole-price" bracket system, not marginal — a $2,000,001 purchase is taxed at the full 1.25% bracket rate on the entire price, not just the amount over $2M. Brackets: 1% ($1M-$2M), 1.25% ($2M-$3M), 1.5% ($3M-$5M), 2.25% ($5M-$10M), 3.25% ($10M-$15M), 3.5% ($15M-$20M), 3.75% ($20M-$25M), 3.9% ($25M+).
Facts on this page reflect research current as of 2026-07-05. Programs, rates, and laws change — confirm current figures with the relevant state agency before relying on them.