NYC and NYS Real Estate Transfer Taxes Explained
NYC RPTT is 1% or 1.425% on homes and 1.425% or 2.625% on other property, plus NYS tax of 0.4% or 0.65%. Full rate tables, who pays, forms and examples.
6 min read · Updated
When a home sells in New York City, the seller normally pays two transfer taxes: the NYC Real Property Transfer Tax (1% of the price up to $500,000, or 1.425% above that, for houses, condos and co-ops) and the New York State transfer tax (0.4%, or 0.65% for homes of $3 million or more). On a typical residential sale over $500,000 that adds up to 1.825% of the price.
The rate depends on the price and on the type of property. A “residential” sale means a one- to three-family house, a single condo unit or a single co-op apartment. Everything else, including four-family houses, apartment buildings and commercial property, is taxed at the higher “other” rates.
At a glance
- NYC RPTT, home up to $500K
- 1%
- NYC RPTT, home over $500K
- 1.425%
- NYS transfer tax
- 0.4%
- $2 per $500 of price
- NYS on homes of $3M+
- 0.65%
- Adds $1.25 per $500
NYC Real Property Transfer Tax (RPTT)
The city tax applies whenever the sale price is more than $25,000. One rate applies to the whole price; it is not a marginal bracket.
| Property type | $500,000 or less | More than $500,000 |
|---|---|---|
| 1–3 family house, condo unit, co-op apartment | 1% | 1.425% |
| All other property (e.g. 4+ family, apartment buildings, commercial) | 1.425% | 2.625% |
New York State real estate transfer tax
The state tax is $2 for every $500 of price “or fractional part thereof,” so the price is rounded up to the next $500. That is 0.4%. In New York City an additional base tax of $1.25 per $500 (0.25%) applies when:
- a residential sale is $3 million or more, or
- a sale of other property is $2 million or more.
| Property type | Below threshold | At or above threshold | Threshold |
|---|---|---|---|
| Residential (1–3 family, condo, co-op) | 0.4% | 0.65% | $3,000,000 |
| Other property | 0.4% | 0.65% | $2,000,000 |
The buyer’s taxes on the same sale, the 1% mansion tax and the NYC supplemental tax, are separate. See NYC mansion tax.
Combined seller transfer tax rates
| Sale price | NYC RPTT | NYS | Total |
|---|---|---|---|
| $25,001 – $500,000 | 1% | 0.4% | 1.4% |
| $500,001 – $2,999,999 | 1.425% | 0.4% | 1.825% |
| $3,000,000 and up | 1.425% | 0.65% | 2.075% |
| Sale price | NYC RPTT | NYS | Total |
|---|---|---|---|
| $25,001 – $500,000 | 1.425% | 0.4% | 1.825% |
| $500,001 – $1,999,999 | 2.625% | 0.4% | 3.025% |
| $2,000,000 and up | 2.625% | 0.65% | 3.275% |
Worked examples
| Property | Price | NYC RPTT | NYS tax | Total |
|---|---|---|---|---|
| Condo | $450,000 | $4,500 | $1,800 | $6,300 |
| Co-op | $800,000 | $11,400 | $3,200 | $14,600 |
| 1–3 family house | $1,500,000 | $21,375 | $6,000 | $27,375 |
| Condo | $3,500,000 | $49,875 | $22,750 | $72,625 |
| 5-unit apartment building | $2,500,000 | $65,625 | $16,250 | $81,875 |
Two cliffs stand out. At $500,000 versus $500,001, the NYC rate on a home jumps from 1% to 1.425% of the whole price, about $2,125 more. At $3 million, the state tax on a home rises by $7,500 because the extra $1.25 per $500 applies to the whole price.
To run your own sale, use the seller transfer tax calculator or the full seller net proceeds calculator.
Who pays
- NYS transfer tax: the seller (grantor). If the seller fails to pay or is exempt, the buyer must pay, and then both are liable; a buyer who pays because the seller didn’t can sue the seller to recover it.
- NYC RPTT: DOF says the seller is normally liable; if the seller is exempt or fails to pay, the buyer is liable. Both must sign the return, and the tax is usually paid as part of closing costs.
- The contract can shift the taxes. Some sale contracts, especially sponsor contracts for new-development condos, make the buyer pay the seller’s transfer taxes. Read the contract and offering plan before you sign. On a residential sale, if the buyer pays the transfer tax under the contract, DTF says that tax amount is not added to the taxable price.
Forms and deadlines
Before closing
Attorneys prepare the returns
The NYC RPTT return is created online in ACRIS. The state return is Form TP-584-NYC, signed by both seller and buyer.At closing
Taxes are collected
The transfer taxes are paid out of the sale proceeds at closing. Your attorney and the title company handle the payment.Within 30 days
NYC RPTT due
DOF requires the RPTT return and payment within 30 days of the transfer, even when no tax is due.At recording
Deed and state return filed
TP-584-NYC is filed with the deed. When no deed is recorded, DTF says to file the return and pay directly within 15 days of delivery.
Late NYC filings cost 5% of the tax per month, up to 25%, and late payment costs 0.5% per month, up to 25%, plus interest (combined charges can’t exceed 5% in a month). Nonresident sellers may also have to pay estimated New York income tax with the transfer return, using Form IT-2663 (houses and condos) or IT-2664 (co-ops); see the nonresident seller tax calculator.
Exemptions
DOF lists exemptions for transfers by the U.S. government, New York State and its agencies, and certain foreign governments. A transfer that is only a change in the form of ownership with no change in beneficial interest can be exempt from the state tax. Transfers into or out of an LLC, gifts and divorce transfers have their own rules; ask your attorney before you assume no tax is due.
Next: budget everything else you’ll pay with NYC seller closing costs.
Re-checked 2026-10-12. NYC RPTT rates (1%/1.425% residential, 1.425%/2.625% other), more-than-$25,000 threshold, 30-day filing, ACRIS, penalties, interest and exemptions against the DOF RPTT page; seller normally liable / buyer if seller exempt or fails from the DOF RPTT statistical profile. NYS $2 per $500, additional base tax $1.25 per $500 ($3M residential / $2M other in NYC), grantor liability, contract-shift exclusion, continuing-lien and co-op lien exclusions and 15-day DTF payment rule against the DTF page and TP-584-NYC-I (8/25). All worked examples and cliff amounts recomputed by hand. Removed a CEMA reference from the continuing-lien callout that the sources do not support.
Sources
- Real Property Transfer Tax (RPTT) · NYC Department of Finance (accessed October 12, 2026)
- Real estate transfer tax · NYS Department of Taxation and Finance (accessed October 12, 2026)
- Instructions for Form TP-584-NYC (8/25) · NYS Department of Taxation and Finance (accessed October 12, 2026)
- Statistical Profile of the NYC Real Property Transfer Tax, 2022 (liability rules) · NYC Department of Finance (accessed October 12, 2026)
- TSB-M-19(1)R: Summary of Amendments to New York’s Real Estate Transfer Tax · NYS Department of Taxation and Finance (accessed October 12, 2026)
General information, not legal, tax or financial advice. Rules change; confirm with the agency or a professional before you act.