New York Closing Cost & Net Sheet Calculator
Estimate New York seller net proceeds after the state transfer tax, mansion tax, commission, attorney fees and mortgage payoff.
- NY Transfer Tax
- 0.40%
- State deed tax
- Mansion Tax
- 1–3.9%
- $1m+ purchases
- Commission
- 5.0%
- Typical resale
Formula & Statutory Rule
Formula
ny_transfer_tax = sale_price × 0.004
Statutory Rule
nyc_transfer_tax = 1%–2.625%; mansion_tax = 1%–3.9% on $1m+Regional Benchmark Reference
| Jurisdiction / Tier | Rate or Limit | Statutory Note |
|---|---|---|
| NY transfer tax | 0.40% | State |
| NYC transfer tax | 1–2.625% | Municipal |
| Mansion tax | 1–3.9% | $1m+ |
Frequently Asked Questions
What is the New York transfer tax?
New York State charges $2 per $500 of consideration, equal to 0.4% of the sale price.
What is the mansion tax?
A progressive tax of 1% to 3.9% applies to residential purchases of $1 million or more, usually paid by the buyer.
Does NYC add a transfer tax?
Yes. New York City levies its own transfer tax of 1% to 2.625% depending on price and property type.
Are attorney fees required?
Yes. New York is an attorney-state; both buyer and seller retain counsel, adding to closing costs.