New York City Transfer Tax Calculator
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New York City Transfer Tax Calculator: What to Expect
This simple calculator can help home sellers in New York City estimate their transfer taxes. To get a ballpark idea of the transfer fees you might pay in the Big Apple, enter your home’s estimated selling price above.
Need a selling price? Try HomeLight’s free Home Value Estimator to see what your house might be worth. To receive a more accurate listing price, contact a top New York City real estate agent and request a Comparative Market Analysis (CMA), a report that will compare your home against nearby listed and recently sold properties.
See a full cost and proceeds breakdown
A top real estate agent can provide you with a Seller’s Net Sheet that breaks down all the costs of selling your home, along with an estimate of the proceeds you can expect. Use HomeLight’s free Agent Match platform to find a trusted local agent with excellent reviews and a proven track record.
How the New York City Transfer Tax is Calculated
New York City’s transfer tax, known as a Real Property Transfer Tax, is calculated at a rate of 1% of the property’s sale price. This applies to properties sold or transferred in an amount over $25,000.
These rates will vary depending on the type of property. For properties valued at less than $500,000, the rate is 1% of the price. For properties valued over $500,000, the rate is 1.425% of the price.
For example, if you sold your home for $436,000 (New York City’s median home price), you could expect to pay $6,104 in New York City transfer taxes.
»Learn more: Understanding New York City’s Transfer Tax: A Quick Guide
See the bigger home sale picture: To see what your entire home sale might cost, try HomeLight’s New York City Seller Closing Cost Calculator. You’ll also get a preliminary look at your estimated net proceeds.
Does the Seller Always Pay the New York City Transfer Tax?
While it’s customary for the seller to pay the New York City transfer tax, who pays can sometimes be a point of negotiation between the buyer and seller during the closing process.
Some New York City home sales may be exempt, such as those intended to secure debt or those to or from a non-profit organization.
Make Buying and Selling Easier: Most New York City sellers are also buyers looking to purchase a new home. With HomeLight’s Buy Before You Sell program, you can make a non-contingent offer on your new home and only move once. Watch this short video to learn more.
More Resources to Plan Your New York City Home Sale
Here are some additional tools to help you plan your New York City home sale:
- Net Proceeds Calculator
- Map of recently sold homes in New York City
- Listing Agent Match platform
- Home Value Estimator
- Best Time to Sell Calculator
- Agent Commission Calculator
Sell fast without paying fees or commissions: Get a cash offer today.
With HomeLight’s Simple Sale platform, you can receive a no-obligation, all-cash offer for your New York City home in 24 hours. If you accept the offer, you can close in as few as 10 days. Answer a few questions about your New York City home to get started. Along with your cash offer, you’ll also receive an expert estimate of what a top New York City agent might be able to get for your home. Receive both selling options with one tool.
As you look ahead to your next home purchase, here are some helpful buyer tools: