Transfer tax in New York City, New York: local rates and cost

In short

New York City charges 4 local taxes on a home sale: NYC Real Property Transfer Tax (RPTT), residential, NYS additional tax, NYS supplemental tax, NYS additional base tax, NYC residential $3M+. On the median owner-occupied home ($778,600), local taxes come to $11,095; with the New York state tax of $3,116, the total is $14,211, or 1.83% of the price.

Median value: $778,600 median value of owner-occupied homes, New York city, New York (Census ACS 2024 1-year, table B25077). It is an owner estimate, not a sale price.

What you pay at different prices

Before exemptions and credits (first-time buyers, transfers between relatives…), which are listed below when the source gives them. The tax due on your deed is the one the recorder computes.

The rates, tax by tax

NYC Real Property Transfer Tax (RPTT), residential

1% of the whole price if the value is $500,000 or less; 1.425% of the whole price if it is more than $500,000 (1-3 family houses, individual condo units, co-op apartments).

In force: In force (rates on the Department of Finance page read October 2026). Source: NYC Department of Finance - Real Property Transfer Tax (RPTT).

NYS additional tax ('mansion tax')

State tax of 1% of the whole consideration on residential conveyances of $1 million or more (applies statewide, including NYC).

Who pays: The additional tax and supplemental tax are paid by the grantee, at the same time and in the same manner as the real estate transfer tax.

In force: In force. Source: NYS Tax Department, Instructions for Form TP-584-NYC (TP-584-NYC-I, 8/25).

NYS supplemental tax (NYC residential, Tax Law 1402-b)

Rate set by the entire conveyance amount and applied to the whole consideration: 0.25% ($2M-<3M), 0.5% ($3M-<5M), 1.25% ($5M-<10M), 2.25% ($10M-<15M), 2.5% ($15M-<20M), 2.75% ($20M-<25M), 2.9% ($25M+). Added to the 1% mansion tax, the combined buyer-side rate runs 1% to 3.9%.

Who pays: The additional tax and supplemental tax are paid by the grantee, at the same time and in the same manner as the real estate transfer tax.

Exemptions: Does not apply to conveyances under binding written contracts entered into on or before April 1, 2019.

In force: In force (form TP-584-NYC-I dated 8/25). Source: NYS Tax Department, Instructions for Form TP-584-NYC (TP-584-NYC-I, 8/25).

NYS additional base tax, NYC residential $3M+

$1.25 per $500 (0.25%) of the whole consideration, on top of the 0.4% state base tax, when residential NYC consideration is $3 million or more (so the state base tax becomes 0.65%).

Who pays: The base tax and additional base tax are paid by the grantor (seller), and such tax shall not be paid directly or indirectly by the grantee (buyer) except as provided in a contract between seller and buyer.

In force: In force. Source: NYS Tax Department, Instructions for Form TP-584-NYC (TP-584-NYC-I, 8/25).

NYC Mortgage Recording Tax (city portion), residential

City MRT of 1.0% of the whole loan for residential mortgages under $500,000 and 1.125% for $500,000 or more. With the 1.05% state-levied MRT, the combined rate is 2.05% (under $500,000) or 2.175% ($500,000 or more). It is charged on the mortgage amount, not on the price.

In force: Rates as described in DOF statistical profile (2024 report). Source: NYC Department of Finance - Statistical Profile of the New York City Mortgage Recording Tax (2024 report).

Taxes on the mortgage are not in the table above: they depend on the loan, not the price.

Questions

How much local transfer tax do you pay on a median home in New York City?

$11,095 on $778,600, the median value of owner-occupied homes (Census ACS). Payotte computes it from the rates published by the official sources cited on the page.

Who pays the NYS additional tax in New York City?

The additional tax and supplemental tax are paid by the grantee, at the same time and in the same manner as the real estate transfer tax.

Is the local tax on top of the New York tax?

Yes. The local taxes listed here are added to the New York state transfer tax.