Below, please find a table detailing the taxes that a seller of Real Property in New York City and State will pay. Property Type/Transaction Value | NYC RPT
(Homes in NYC only) | NYS Real Estate Transfer Tax (All homes in NY State) | Mansion Tax | | 1,2,3 Family sold for under $500K | 1% | $4 per $1,000 of Sales Price | N/A | | 1,2,3 Family sold for over $500K | 1.425% | $4 per $1,000 of Sales Price | N/A | | 1,2,3 Family sold for $1M or more | 1.425% | $4 per $1,000 of Sales Price | 1% payable by grantee (grantor pays if grantee is exempt |
**While care has been taken in preparation of this document, warranty or representation of accuracy is not made. This chart is for reference only. To help explain the taxation illustrated in the chart above, please go through the below examples: Example 1: Home sold in Bayside, Queens, New York for $529,000 would pay the following taxes: NYC RPT: 1.425% of $529K = $7,538.25
NYS Real Estate Tax: $4 per thousand = $2,116
Total taxes = $9,654.25
Example 2: Home sold in Garden City, Long Island, New York for $789,000 would pay the following taxes: NYS Real Estate Tax: $4 per thousand = $3,156
Total taxes = $3,156
Example 3: Home sold in Brookville, Long Island, New York for $1,980,000 would pay the following taxes: NYS Real Estate Tax: $4 per thousand = $7,920
Mansion Tax: 1% of sale price = $19,800
Total Tax: $27,720
Example 4: Home sold in Douglaston, Queens, New York for $1,249,000 would pay the following taxes: NYC RPT: 1.425% of sale price = $17,798.25
NYS Real Estate Tax: $4 per 1000 = $4,996
Mansion Tax: 1% of sale price = $12,490
Total Tax: $35,284.25
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