New York City · Admin. Code §§11-2102, 11-2104NYC Real Property Transfer Tax: 1% or 1.425% on a home, paid by the seller
New York City taxes each deed – and transfers of co-op shares – when the consideration exceeds $25,000 (NYC Admin. Code §11-2102). For one-, two- or three-family houses, individual condominium units and co-op apartments the rate is 1% when the consideration is $500,000 or less and 1.425% when it is more; for all other property it is 1.425% up to $500,000 and 2.625% above. The seller pays it to the Department of Finance within 30 days after delivery of the deed and before recording; the buyer becomes liable if the seller does not pay or is exempt (§11-2104). New York State's transfer tax of $2 per $500 and, at $1 million or more, the 1% mansion tax paid by the buyer come on top. On a $900,000 condo the city tax is $12,825.
Rate, who pays and an example
Homes, condos, co-ops
1% at $500,000 or less; 1.425% above $500,000 (§11-2102(a)(9)(i)).
Other property
1.425% at $500,000 or less; 2.625% above (§11-2102(a)(9)(ii)).
Threshold
Applies when consideration exceeds $25,000 (§11-2102(a)).
Who pays
The seller, within 30 days after delivery and before recording; the buyer is liable if unpaid or the seller is exempt (§11-2104).
Examples
$500,000 co-op → $5,000. $900,000 condo → $12,825. Plus state tax and, at $1M+, the buyer's mansion tax.
Good to know
- The rate jumps on the whole price once it passes $500,000 – a $500,001 home pays 1.425% on everything, not just on $1.
What the TC checks
- The tax line on the closing statement against the statutory rate.
- Who pays it – the statute, the contract or local custom.
- The value or consideration stated on the deed or declaration.
Questions about this tax
How much is the NYC transfer tax on a home?
1% of the price up to $500,000 and 1.425% above that for 1–3 family houses, condos and co-ops (NYC Admin. Code §11-2102).
Who pays NYC transfer tax?
The seller, within 30 days after delivering the deed; the buyer is liable only if the seller does not pay or is exempt (§11-2104).
Is NYC transfer tax the same as the mansion tax?
No. The mansion tax is a New York State tax of 1% paid by the buyer on homes of $1 million or more; the city transfer tax is separate.
Related guides
Add the transfer tax check to the closing statement review as a task with an owner and due date in ClosingCode.
Start free trialSource: New York City Administrative Code §§11-2102 and 11-2104 (codelibrary.amlegal.com, current through October 10, 2026; read October 25, 2026).
General information, not legal or tax advice. ClosingCode is software; it is not a law firm or brokerage. This guide is not a substitute for the advice or services of an attorney.