NYC closing cost calculator
Estimate the mansion tax, mortgage recording tax and transfer taxes on a NYC purchase.
Updated October 12, 2026 · fact-checked against official sources
Common questions
What is the NYC mansion tax?
A New York State tax paid by buyers on residential purchases of $1 million or more. It starts at 1% and rises in steps to 3.9% for purchases of $25 million or more in New York City.
Do co-op buyers pay mortgage recording tax?
No. Co-op purchases are financed with share loans, not mortgages, so the mortgage recording tax does not apply. Condos and houses pay it.
Who pays transfer taxes in NYC?
Usually the seller pays both the NYC Real Property Transfer Tax and the New York State transfer tax. In new developments the buyer is often asked to pay them.
Initial version; re-verified in the October 2026 fact-check pass.
Sources
- Real Property Transfer Tax (RPTT) · NYC Department of Finance (accessed October 12, 2026)
- Mortgage Recording Tax (MRT) · NYC Department of Finance (accessed October 12, 2026)
- Real estate transfer tax (incl. additional base tax / mansion 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.