New York taxes property sales through its real estate transfer tax, requires an attorney for part of the closing and requires a seller disclosure form. It forecloses through the courts and is not a community property state.
New York in short
Is there a real estate transfer tax in New York?
New York State taxes every deed at $2 per $500 of price, or 0.4%, and the seller pays.
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What closing costs does New York law set?
New York has no official typical closing-cost total. On a $640,000 loan in New York City the mortgage recording tax is $13,890 (buyer about $12,290, lender $1,600), and sellers pay the 0.4% state transfer tax.
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How is property tax calculated in New York?
New York has no single property tax system: outside New York City, local assessors set values and local governments and school districts set rates, with STAR credits for primary residences, while in the city a one- to three-family home is Class 1, assessed at 6% of market value and taxed at 19.843% for tax year 2026.
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What is the deadline to appeal a property tax assessment in New York?
In New York outside New York City, file Form RP-524 with your assessor or board of assessment review by Grievance Day, usually the fourth Tuesday in May, and in New York City file with the NYC Tax Commission by March 15 for Class 1 properties (March 1 for all others).
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Do you need a real estate attorney to close in New York?
New York does not make a buyer or seller hire a lawyer, but Judiciary Law 484 bars non-lawyers from charging to prepare deeds and mortgages, and brokers may fill in only a simple contract that is subject to each party attorney approval.
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What must a home seller disclose in New York?
A New York seller of a one-to-four family home must deliver a signed Department of State Property Condition Disclosure Statement before the buyer signs a binding contract (Real Property Law 462). Since March 20, 2024, the old $500 credit that let sellers skip the form is gone.
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How does foreclosure work in New York?
New York foreclosures are judicial: for a home loan the lender must first send a notice at least 90 days before suing, and the court holds a settlement conference within 60 days after proof of service is filed.
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What first-time home buyer programs does New York offer?
In New York, SONYMA, the state mortgage agency, adds a 0% down payment loan of 3% of the price, up to $15,000, to any of its mortgages. In New York City, HPD's HomeFirst program lends up to $100,000 to first-time buyers earning up to 120% of area median income.
New York guides
- Closing costs in New York: what buyers and sellers pay
- New York transfer tax: state, NYC and mansion tax
- Property tax in New York: rates, STAR and how to contest
- New York seller disclosure: the property condition statement
- Do you need a real estate attorney in New York?
- How foreclosure works in New York: a court process
- Home prices in New York and NYC: median value and trend
- New York first-time buyer programs: SONYMA and HomeFirst
- How to verify a real estate license in New York
- Tenant rights in New York: deposits, rent limits, good cause (state-specific topic)
New York City
Professionals in New York
Other key facts
- Rent-stabilized leases: 0% for one- and two-year leases starting October 1, 2026 to September 30, 2027 (Rent Guidelines Board Order #58). Details