# New York — Real estate transfer tax by state: rate, who pays, brackets and first-time buyer relief

For New York, tax name is real estate transfer tax; state rate is two dollars for each $500, or fractional part thereof, of consideration; rate brackets is An additional tax (mansion tax) of 1% of the sale price applies to residences where consideration is $1 million or more; who pays is 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; local add-on is certain conveyances of real property or interests therein located in New York City (other than conveyances made pursuant to a binding written contract entered into on or before April 1, 2019) are also subject to the following taxes, verified against its source on 2026-08-31.

- **State:** New York _(our reading, not quoted from the source)_
- **Tax name:** real estate transfer tax _(verified: appears in the quote below)_
- **State rate:** two dollars for each $500, or fractional part thereof, of consideration _(verified: appears in the quote below)_
- **Rate brackets:** An additional tax (mansion tax) of 1% of the sale price applies to residences where consideration is $1 million or more _(verified: appears in its own passage below)_
- **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 _(verified: appears in its own passage below)_
- **Local add-on:** certain conveyances of real property or interests therein located in New York City (other than conveyances made pursuant to a binding written contract entered into on or before April 1, 2019) are also subject to the following taxes _(verified: appears in its own passage below)_
- **Minimum or exemption floor:** when the consideration exceeds $500 _(verified: appears in the quote below)_

## What the source says

> New York State imposes a real estate transfer tax on conveyances of real property or interests therein when the consideration exceeds $500. Information Tax rate Tax is computed at a rate of two dollars for each $500, or fractional part thereof, of consideration.

## Where each value comes from

This source states these in separate places, so each value is shown with the passage that states it.

### Rate brackets

> Tax rate Tax is computed at a rate of two dollars for each $500, or fractional part thereof, of consideration. An additional tax (mansion tax) of 1% of the sale price applies to residences where consideration is $1 million or more.

### Who pays

> Who pays the tax 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. However, if the seller doesn't pay the tax, or is exempt from the tax, the buyer must pay the tax. In the case of the conveyance of residential real property, if the transfer tax is paid by the buyer pursuant to a contract between the buyer and seller, the amount of tax shall be excluded from the calculation subject to tax. Where the buyer has the duty to pay the transfer tax because the seller has failed to pay, the tax becomes the joint and several liability of the seller and the buyer; provided that in the event of such failure, the buyer shall have a cause of action against the seller for recovery of payment of such tax by the buyer. The additional tax (mansion tax) and supplemental tax are paid by the buyer.

### Local add-on

> Beginning on July 1, 2019, certain conveyances of real property or interests therein located in New York City (other than conveyances made pursuant to a binding written contract entered into on or before April 1, 2019) are also subject to the following taxes: A tax of $1.25 for each $500, or fractional part thereof, when the consideration for the entire conveyance of residential real property is $3 million or more (additional base tax);

## Source

- https://www.tax.ny.gov/bus/transfer/rptidx.htm

Last verified: 2026-08-31. Review by: 2027-08-31.
Part of [Real estate transfer tax by state: rate, who pays, brackets and first-time buyer relief](https://referencesource.org/state-real-estate-transfer-tax/).