closing

New York Transfer Tax and Mansion Tax

New York State's real estate transfer tax under Tax Law Article 31 is $2 per $500 of consideration or fraction (0.4%), paid by the seller, with Form TP-584 filed with the deed. An additional 1% mansion tax on the entire price is paid by the buyer on residential conveyances of $1 million or more. New York City adds its own Real Property Transfer Tax (1% to 1.425% for residential) and higher state rates on high-value city deals.