The DeVito Team · Keller Williams Realty Greater Nassau
Every rate, who pays it, and what it comes to on what homes here actually sell for.
The short answer: when you sell a home in Queens or Brooklyn, you pay two transfer taxes. New York City's Real Property Transfer Tax is 1% of the price at $500,000 or less, and 1.425% of the whole price above $500,000. New York State's tax adds $2 per $500 (0.4%). On the median Queens sale of $750,000, that is $13,688. The buyer pays the 1% mansion tax at $1 million or more, and a State supplemental tax at $2 million or more.
| Tax | Rate (1–3 family, condo, co-op) | Paid by |
|---|---|---|
| NYC Real Property Transfer Tax | 1% at $500,000 or less; 1.425% above (on the whole price) | Seller |
| NY State transfer tax | $2 per $500 (0.4%); $3.25 per $500 (0.65%) at $3 million or more | Seller |
| Mansion tax | 1% at $1 million or more | Buyer |
| NYC supplemental tax (State) | 0.25% at $2 million, rising by price bracket to 2.9% at $25 million or more | Buyer |
Sources: NYC Administrative Code §11-2102 (rates) and §11-2104 (who pays), as published by NYC Department of Finance; New York Tax Law §1402, §1402-a, §1402-b and §1404; City rules 19 RCNY §23-02. Checked 2026-10-23. Other property (four or more apartments, mixed-use, land) pays the City 1.425% and 2.625%, and the State's 0.65% starts at $2 million.
The City rate is chosen by the price and then applied to all of it, not just the part above $500,000. So the City tax is $5,000 on a $500,000 sale and $7,125 on a $500,001 sale. The mansion tax works the same way at $1 million: 1% of the whole price, paid by the buyer, once the price reaches that line.
| Home | Median sale | Seller pays | Buyer pays |
|---|---|---|---|
| All homes 8,248 sales | $750,000 | $13,688 | $0 |
| Single Family 2,985 sales | $880,000 | $16,060 | $0 |
| Co-op 2,513 sales | $335,000 | $4,690 | $0 |
| Multi-Family 1,696 sales | $1,165,000 | $21,261 | $11,650 |
| Condo 1,054 sales | $627,000 | $11,443 | $0 |
Median prices of closed MLS sales in Queens, October 2025 – October 2026, from our Queens market report. Taxes are the statutory rates on each median price, treating each home as residential.
Seller's transfer taxes on each month's median Queens sale
Each point is the month's median closed sale (all home types) run through the rates above. It moves only when prices move.
| Home | Median sale | Seller pays | Buyer pays |
|---|---|---|---|
| All homes 10,614 sales | $999,000 | $18,232 | $0 |
| 2–3 family home 3,469 sales | $1,350,000 | $24,638 | $13,500 |
| Condo 3,377 sales | $1,125,000 | $20,531 | $11,250 |
| Co-op 1,950 sales | $450,000 | $6,300 | $0 |
| House 1,818 sales | $980,000 | $17,885 | $0 |
Median prices of sales recorded with the NYC Department of Finance in Brooklyn, October 2025 – September 2026: borough-wide, sales over $10,000, whole-building transfers excluded, 1% trimmed from each end. The City's co-op records are less complete than its deed records.
Seller's transfer taxes on each month's median Brooklyn sale
Each point is the month's median recorded sale (all home types) run through the rates above.
Who actually pays depends on the kind of sale and on the contract.
When the buyer pays the seller's tax, that payment counts as part of the price. The City's rule (19 RCNY §23-02, "consideration") adds the transfer taxes the buyer takes on to the price, and the City tax is then figured on the total. On a $750,000 sale (the Queens median), the City tax is then figured on $763,688 and comes to $10,883, against $10,688 when the seller pays it. For the State's own tax on a home sale, Tax Law §1404(a) has excluded the State tax a buyer pays under the contract from the taxable price since July 1, 2021. The calculator above shows both ways: choose who pays the seller's taxes.
Each law also names a backstop: if the party who owes a tax is exempt or does not pay, the other side becomes liable for it, whatever the contract says. Both taxes are paid at closing, and the City requires its return within 30 days of the transfer even when no tax is due. A co-op sale pays the same residential rates as a condo, although no deed is recorded.
Selling in Nassau or Suffolk? See New York transfer tax and the mansion tax. For every cost a seller pays at closing, see what sellers pay at closing in New York.
On a regular resale, the seller. New York City's Real Property Transfer Tax is "paid by the grantor" under Administrative Code §11-2104, and New York State's transfer tax is paid by the grantor under Tax Law §1404; the buyer pays the mansion tax at $1 million or more and the State supplemental tax at $2 million or more. On a co-op sponsor sale and some new-construction sales, the contract usually has the buyer pay all of the transfer taxes, and any contract can shift some or all of the seller's taxes to the buyer. Whatever the contract says, the buyer becomes liable to the City or State if the seller is exempt or does not pay.
For the City tax, yes. Under the City's rule (19 RCNY §23-02), the City and State transfer taxes the buyer agrees to pay are added to the price, and the City tax is figured on the total. For the State tax on a home sale, Tax Law §1404(a) has excluded State tax paid by the buyer under the contract from the taxable price since July 1, 2021.
For a one- to three-family house, a condo unit or a co-op apartment, the City tax is 1% of the price at $500,000 or less and 1.425% of the price above $500,000. For other property, such as a building with four or more apartments, it is 1.425% and 2.625%. The seller also pays New York State's tax of $2 per $500 of the price (0.4%), which rises to 0.65% on a New York City residence of $3 million or more.
The whole price. The rate is set by the price, then applied to all of it, so the City tax steps up at the line: $5,000 on a $500,000 sale and $7,125 on a $500,001 sale.
The median Queens sale was $750,000 over October 2025 – October 2026 (8,248 closed sales). On that price the seller's transfer taxes come to $13,688: $10,688 to the City and $3,000 to the State. The buyer pays no mansion tax below $1 million.
The median recorded Brooklyn sale was $999,000 over October 2025 – September 2026 (10,614 sales recorded with NYC Finance). On that price the seller's transfer taxes come to $18,232: $14,236 to the City and $3,996 to the State. The buyer pays no mansion tax below $1 million.
Yes. A co-op sale transfers shares rather than a deed, but the City's residential rates (1% and 1.425%) and the State's taxes, including the mansion tax, apply to a co-op apartment the same way they apply to a condo or a house.
No. The City tax and the State's New York City additions apply only to property in New York City. A Nassau or Suffolk seller pays the State's 0.4%, and buyers in five East End towns pay a town tax as well.
Joseph DeVito is a New York Licensed Associate Real Estate Broker and a New York attorney. He does not act as both broker and attorney on the same transaction: here he acts as a real estate broker only, and he is not your attorney. Real estate services provided through Keller Williams Realty Greater Nassau are not legal representation. Everything on this site is general information for educational purposes only. It is not legal advice, it creates no attorney-client relationship, and it should not be relied on as legal advice — for advice about your own situation, consult your own attorney.
This page is general information, not legal or tax advice for your sale. Exemptions, the type of property, and the terms of the contract all change what is owed, so confirm the figures with the attorney handling your closing.
