New York Closing Costs for Sellers in 2026: Transfer Tax, Fees and Real Numbers

New York’s state real estate transfer tax is $2 for each $500 of consideration (0.4%), and the grantor, meaning the seller, pays it. The 1% mansion tax at $1 million and up falls on the buyer. New York City adds its own transfer tax of 1% to 1.425% on one- to three-family homes.

What a New York seller actually pays at closing

New York stacks taxes by location and price. Everyone pays the state base tax. New York City sellers add a city transfer tax. Buyers of higher-priced homes owe a separate “mansion tax.” Which of these hits you depends on where the house is and what it sells for.

The numbers below come from the New York State Department of Taxation and Finance (DTF) and the NYC Department of Finance, as published in October 2026.

The rates

Tax	Rate	Who it falls on, per the source
NYS real estate transfer tax	$2 for each $500 of consideration, or fractional part (0.4%)	Grantor (seller); buyer must pay if the seller does not or is exempt
NYS mansion tax	1% where consideration is $1 million or more	Buyer
NYC additional base tax	$1.25 for each $500, listed for NYC residential transfers of $3 million or more	See DTF page
NYC RPTT, 1 to 3 family homes	1% up to $500,000; 1.425% above $500,000	Both parties can be pursued by the city; contract decides who pays

The NYC Department of Finance page does not name the payer. It says the department may docket a judgment against both grantor and grantee, and that the return and payment are due within thirty days of the transfer. It also says RPTT applies when the sale or transfer is more than $25,000.

DTF also lists a supplemental tax on NYC residential purchases of $2 million and up, at rates between 0.25% and 2.9% depending on the price, and the page assigns supplemental tax payments to the buyer. Check the DTF page for the exact bracket before you price a high-end NYC deal.

Worked example: a hypothetical $300,000 sale

This is a hypothetical one- to three-family home, using only the rates above.

Line	Outside NYC	Inside NYC
NYS transfer tax: $300,000 / $500 = 600 units x $2	$1,200	$1,200
NYC RPTT at 1% (price under $500,000)	not applicable	$3,000
Mansion tax (price under $1 million)	$0	$0
Total transfer taxes	$1,200	$4,200

The state tax falls on the seller. The NYC amount depends on your contract and how your attorney allocates it. Ask before you assume.

Now a hypothetical $1,200,000 NYC sale of a one- to three-family home: the state tax is 2,400 x $2 = $4,800. The NYC RPTT at 1.425% is $17,100. The 1% mansion tax is $12,000, and it is the buyer’s. That is a buyer-side cost, so it can shape what buyers are willing to offer near the $1 million line.

Who customarily pays

DTF names the grantor as the party who pays the base state tax. Everything else, including how a seller and buyer split the NYC RPTT, is set by your purchase contract. Ask your closing attorney what is customary locally. Agent commission is negotiable.

Other seller costs to expect

Agent commission. Negotiable.
Mortgage payoff. Your balance plus interest through the payoff date.
Attorney fees. Set by your attorney; get a quote.
Title insurance. Ask your title company who pays and what the premium is.
Property tax adjustments. Settled at closing; your attorney will show the math.

We could not confirm a state-set title insurance rate or a statewide custom for these items from a source, so none are quoted here.

What this means for investors

A flip meets the transfer tax twice, once when you buy and again when you sell. If you buy in NYC at $300,000 you may see the state tax as a seller-side cost on the first deal, then pay it yourself as grantor when you resell. That is real money on a thin margin.

Wholesale assignment and double close behave differently. An assignment generally produces one closing, so one set of transfer taxes on the final price. A double close means two closings and two sets of costs: if you buy at $300,000 and resell at $330,000, the state tax is $1,200 on the first deed and 660 x $2 = $1,320 on the second, plus any NYC tax on each. Your title company can tell you how it is calculated on your file.

Build it into your offer. When you back into a maximum allowable offer, subtract the transfer tax you will owe on resale, the same way you subtract repairs and holding costs. Leaving it out of the spreadsheet is how a good deal quietly becomes a break-even one.

Run your numbers

Plug your own price into the closing cost calculator before you make an offer, and try the deal analyzer in Automize CRM to run the full deal with these costs included.

This is general information, not tax or legal advice. Confirm your exact figures with your title company or closing attorney.

Sources

Rates checked October 24, 2026. General information, not tax or legal advice.

Common questions

How much is the New York State transfer tax?

The New York State Department of Taxation and Finance lists the base real estate transfer tax at two dollars for each $500 of consideration, or fractional part of it. That works out to 0.4% of the price. The grantor, the seller, pays the base tax. On a $300,000 sale it is $1,200.

Who pays the mansion tax in New York?

The state tax department says the buyer is responsible for the mansion tax and supplemental tax payments. The mansion tax is 1% and applies to residences where the consideration is $1 million or more. A seller generally does not owe it, but it can affect how buyers price offers near the threshold.

Does New York City have its own transfer tax?

Yes. The NYC Department of Finance lists the Real Property Transfer Tax for one- to three-family homes at 1% of the price up to $500,000 and 1.425% above that. It applies to transfers over $25,000, and the return and payment are due within thirty days of the transfer.